Marcus & Millichap is pleased to present the opportunity to acquire the property known as the Hobart Sky Ranch Airport (3HO) located at 3600 North Lake Park Avenue in Hobart, Indiana. The subject property consists of approximately 22.22 acres of runway space. Opened in 1940, the asset features a single runway 3,125 feet in length. The airport is currently in use offering investors the option to continue operations or redevelop the property with capital improvements, utilizing seller financing. While active airports in Indiana are exempted from real estate taxes, the license for Hobart Sky Ranch Airport will need to be renewed. Located just 2.8 miles from Interstate 65 and 3.7 miles from Interstate 94, the airport is a 15-minute drive from Downtown Gary, Indiana. According to the Indiana Department of Transportation, the interchange between Interstates 65 and 94 maintains an average traffic count of 34,580 vehicles per day.
Hobart Sky Ranch Airport sits in the Indiana submarket, containing 46.7 million square feet of industrial space. Unlike the national norm, half of the Indiana submarket consists of manufacturing facilities, followed by logistics and flex space. U.S. Steel and utility provider NiSource dominate the local private workforce, both employing 6,000 people among the cities of East Chicago, Gary, and Merrillville. While the industrial vacancy rate has been trending up across the U.S., availability has continued to tighten in the Indiana submarket. Dropping by 70 basis points over the last quarter to 5.7 percent, the vacancy rate posted the lowest level in over 25 years in Q1 2023. As a result, market rents are growing at the fastest pace since before the turn of the century. Developers have taken notice of this growth with a record 1.9 million square feet of industrial space under construction, representing 4.1 percent of inventory (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
Josh Caruana
Indiana Broker of Record
600 East 96th Street, Ste. 500
Indianapolis, IN 46240
Tel: 317.218.5300
Lic #: RB14034355
Josh.Caruana@MarcusMillichap.com
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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0370153)
