340 Renner Dr, Elgin, IL 60123
Marcus & Millichap is pleased to present the sale offering of 340 Renner Drive, a vacant industrial building formally occupied by Suburban Plastics Company. The subject property is located off US-20, also known as the Elgin Bypass. This location is surrounded by nationally recognized companies such as XPO Logistics, R + L Carriers, Commonwealth Edison Company, as well as Elgin Community College and Elgin Shopping Mall.
This value-add offering consists of 125,131 rentable square feet which are divided into separate units. Currently, the building consists of a desirable mix of units ranging from approximately 50,000 to 5,500 rentable square feet. Each unit contains minimal office build-out, warehouse, and dock access.
This offering presents an investor with a value-add opportunity within the low real estate tax location of Kane County. By back-filling the asset with market rents, an investor will have the ability to create significant cash-flow and stability with a diverse mix of tenants. Furthermore, this opportunity lends itself to a potential owner-user who is interested in occupying a portion of the building. This would allow a company to lease the remainder of the property to cover their basis or create additional cash-flow.
At list price of $4,700,000, a purchaser has the opportunity to implement a strong pro-forma cap rate through back-filling the available units.
Marcus & Millichap is pleased to present the sale offering of 340 Renner Drive, a vacant industrial building formally occupied by Suburban Plastics Company. The subject property is located off US-20, also known as the Elgin Bypass. This location is surrounded by nationally recognized companies such as XPO Logistics, R + L Carriers, Commonwealth Edison Company, as well as Elgin Community College and Elgin Shopping Mall.
This value-add offering consists of 125,131 rentable square feet which are divided into separate units. Currently, the building consists of a desirable mix of units ranging from approximately 50,000 to 5,500 rentable square feet. Each unit contains minimal office build-out, warehouse, and dock access.
This offering presents an investor with a value-add opportunity within the low real estate tax location of Kane County. By back-filling the asset with market rents, an investor will have the ability to create significant cash-flow and stability with a diverse mix of tenants. Furthermore, this opportunity lends itself to a potential owner-user who is interested in occupying a portion of the building. This would allow a company to lease the remainder of the property to cover their basis or create additional cash-flow.
At list price of $4,700,000, a purchaser has the opportunity to implement a strong pro-forma cap rate through back-filling the available units.
