Marcus & Millichap is pleased to present the opportunity to acquire the condominium located at 15311 South 70th Court in Orland Park, Illinois. The subject property consists of approximately 5,000 square feet of flex space and is situated on 1.19 acres of land. The asset features eight parking spaces, a newly built-out two-story 2,500-square-foot office space, and 2,500 square feet of warehouse space with a clear height of 16’ and two grade-level doors. As of April 2024, the property was occupied on a month-to-month basis, giving buyers the opportunity to occupy or lease up the property upon closing. With separated utilities & flat repair fees in place, the property offers ease of use. Located in the Near South Cook submarket just off Harlem Avenue, the property can access Interstate 80 within a 10-minute drive.
Near South Cook is a massive submarket, containing 52.6 million square feet of industrial space. The submarket consists mostly of logistics space, accounting for about 66 percent of the inventory. Yet, specialized properties, including manufacturing facilities, make up a sizeable 30 percent of the submarket, followed by flex space at 4 percent. During the first quarter of 2024, the vacancy rate in Near South Cook rose slightly to 4.0 percent. While rent growth slowed, limited availability helped to push asking rents up another 5.7 percent year-over-year to $9.60 per square foot, keeping landlords one step ahead of the Consumer Price Index. With Near South Cook’s construction activity representing less than 1.0 percent of inventory levels, new supply will have minimal impact on rents and vacancies for the foreseeable future (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: ZAF0370163)
