Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2690 East Church Street in Sandwich, Illinois. The subject property consists of approximately 22,015 square feet of industrial and self-storage space and is situated on 2.0 acres of land. The four-building asset features a clear height ranging from 12’ to 15’, 10 grade-level doors, 61 self-storage units with grade-level doors, and metal construction and roofing. Also known as Walter Payton Memorial Highway and U.S. Route 34, Church Street provides the property with over 120 feet of frontage along the area’s main corridor. At $98.57 per square foot, the full-leased property can be acquired well below replacement costs. The property is occupied by Route 34 Storage Warehouse and two auto shops, Quick Lane (long-term tenant since 2007) and All About Detail. Each tenant is on a short-term lease, creating a value-add investment opportunity.
The subject property sits within the Interstate 88 West submarket, containing a massive 79.1 million square feet of industrial space. In Q3 2024, the vacancy rate in Interstate 88 West remained relatively steady at 2.3 percent, sitting 4.4 percentage points lower than the national average. Despite availability remaining tight, annual rent growth decelerated 150 basis points to 4.5 percent but continued to outpace the Consumer Price Index. Asking rents across Interstate 88 West averaged about $8.50 per square foot by the end of Q3. While 4 million square feet of industrial space was under construction in Interstate 88 West, representing a sizeable 5.1 percent of inventory, nearly all of which was concentrated in properties of at least 100,000 square feet (CoStar).
Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third largest metro in the nation. The metro houses 9.5 million people, including 2.7 million residents within the city of Chicago. The number of corporate headquarters in Chicago is second only to New York City and is home to 33 Fortune 500 companies. Thanks to eight commercial and passenger rail lines, the Port of Chicago, three international airports, and a vast network of freeways, Chicago is a major distribution and logistics hub. The local economy and workforce are highly diverse, supported largely by distribution, finance, manufacturing, and high-tech industries. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 50 wards, and eight major league sports teams, including two MLB teams. Chicago is a leader in reforming public schools, enhancing public safety and security initiatives, providing affordable housing in attractive and economically sound communities, ensuring accessibility for all, and fostering, social, economic, and environmental sustainability (Chicago.gov).
BROKER OF RECORD
STEVEN WEINSTOCK
Illinois Broker of Record
One Mid America Plaza, Suite 200
Oakbrook Terrace, IL 60181
Office (630) 570-2200
Steven.Weinstock@MarcusMillichap.com
License: 471.011175
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0370658)
