Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 6560 Revlon Drive, in Belvidere, Illinois. The subject property consists of approximately 9,550 square feet of manufacturing and warehouse space and is situated on 1.22 acres of land. The asset features metal construction, a clear height ranging from 16’ to 18’, two dock-high doors, and two grade-level doors. Situated along a Union Pacific rail line, east of Rockford, Illinois, the property has proximity to Interstates 90 and 39. For sale as vacant, the property can be acquired for a variety of owner uses or as a lease-up investment. At $65.45 per square foot, the property is priced well below replacement costs. The subject property is located within the mid-sized Boone County submarket, containing 11.1 million square feet of industrial space. The submarket is anchored by the 4.0 million-square-foot Chrysler Assembly Plant. In the 12 months through Q2, net absorption remained positive at about 297,000 square feet. With only 200,000 square feet of industrial space delivered in Boone County during that time, the vacancy rate fell by 90 basis points. At 1.9 percent, the local vacancy rate is significantly below the 7.5 percent national average (based on top 50 metros, classes A, B, & C, minimum 10,000 square feet). Inventory in Boone County is set to expand by 23 percent with 2.6 million square feet under construction, including the 1.2 million-square-foot Walmart cold storage distribution center (CoStar). Known as the Greater Chicagoland area, Chicago-Naperville-Elgin is the third-largest metro in the nation. The metro houses 9.3 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 30 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).