Marcus & Millichap is pleased to present the opportunity to acquire the property located at 766 Landmark Drive in Belvidere, Illinois. The subject property consists of approximately 28,160 square feet of manufacturing and warehouse space and is situated on 2.0 acres of land. The single-tenant asset features metal construction, a clear height ranging between 16’ and 22’, three dock-high doors, four grade-level doors, and nine overhead Modine HVACs. Located just north of Interstate 90, the property sits 11 miles East of Downtown Rockford and 81 miles West of Downtown Chicago. For sale as vacant, the property is ideal for owner use or as a lease-up opportunity. At $47.94 per square foot, the property can be acquired well below replacement costs.
The subject property is situated within Boone County, a relatively small submarket with 10.8 million square feet of industrial space. Boone County has a high presence of manufacturing activity, accounting for 51 percent of the industrial inventory. The submarket is anchored by the 4 million-square-foot assembly plant owned by Stellantis (parent company of Chrysler, Jeep, and Dodge) and the 1.3 million-square-foot General Mills plant. During the third quarter of 2024, vacancies in Boone County significantly outperformed the national average at 2.2 percent. Despite availability remaining tight, annual rent growth slipped below its pre-pandemic trend at 2.6 percent in Q3. At the time, 1.6 million square feet were under construction, largely consisting of the 1.2 million-square-foot Walmart cold storage and distribution facility (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
Tel: (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: ZAF0370292)
