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Office Warehouse

9700 197th Street

9700 197th St, Mokena, IL 60448

Listing Price: $3,000,000

Cap Rate
7.25%
Gross SF
30,803
Price/Gross SF
$97.39
Lot Size
1.99 acres
Year Built
1986
Rentable SF
30,803

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9700 197th Street in Mokena, Illinois. The subject property consists of approximately 30,803 square feet of flex space and is situated on 1.99 acres of land. The asset features mixed-use industrial and office space that can accommodate any tenant. With staggered leases in place, no more than 27 percent of occupancy expires at one time. Over the last five years, the property has remained fully occupied. The triple net investment is fully stabilized with yearly rental escalations over 4 percent. Furthermore, current management is willing to remain in place upon sale. Located just one mile from the Interstate 80 exit, the property has premier accessibility to surrounding areas. The interchange between Interstates 80 and 57 is positioned just minutes away, connecting the area’s two most important highway corridors. The subject asset is well-positioned within Joliet area submarket, a massive industrial submarket with two intermodal terminals that serve as critical components to Asian import and export supply chains in the Midwest. Joliet’s infrastructure advantage has generated strong demand over the past year, as net absorption totaled more than 6.1 million square feet. The submarket’s net absorption accounted for over 20 percent of the entire Chicago market and ranked as the third-highest level for any submarket in the nation. Despite 30 million square feet of new supply hitting the submarket over the last five years, demand has pushed vacancy rates to a 20-year low of 2.8 percent. Consequently, market rents in the Joliet submarket have soared to a record high of 7.1 percent year-over-year. The average market rent per square foot has increased to $6.66. With regards to flex properties, market rents are nearly double the overall industrial rate at $12.20-per-square-foot. Joliet’s impressive fundamentals have resulted in unprecedented investment demand. Annual sales in 2021 topped a record of over $560 million, about 12 percent larger than the previous high set in 2018 (CoStar). The City of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 50 wards, and 8 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).

Investment Highlights

  • Fully Stabilized Triple-Net Investment with Current Management Willing to Stay On
  • One Mile from I-80 Exit Creates Premier Accessibility to Surrounding Areas
  • 10 Minutes from I-80 / I-57 Interchange Connecting the Area's Two Most Important Highway Corridors
  • Staggered Leases with No More Than 27% Expiring at One Time
  • Mixed-Use Industrial and Office Space to Accommodate Any Tenant
  • Yearly Rental Escalations of 4%+
  • No Vacancy in the Past 5 Years

Exclusively Listed By

Financing By

Office Warehouse

9700 197th Street

Listing Price: $3,000,000

Cap Rate
7.25%
Gross SF
30,803
Price/Gross SF
$97.39
Lot Size
1.99 acres
Year Built
1986
Rentable SF
30,803

Investment Highlights

  • Fully Stabilized Triple-Net Investment with Current Management Willing to Stay On
  • One Mile from I-80 Exit Creates Premier Accessibility to Surrounding Areas
  • 10 Minutes from I-80 / I-57 Interchange Connecting the Area's Two Most Important Highway Corridors
  • Staggered Leases with No More Than 27% Expiring at One Time
  • Mixed-Use Industrial and Office Space to Accommodate Any Tenant
  • Yearly Rental Escalations of 4%+
  • No Vacancy in the Past 5 Years

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9700 197th Street in Mokena, Illinois. The subject property consists of approximately 30,803 square feet of flex space and is situated on 1.99 acres of land. The asset features mixed-use industrial and office space that can accommodate any tenant. With staggered leases in place, no more than 27 percent of occupancy expires at one time. Over the last five years, the property has remained fully occupied. The triple net investment is fully stabilized with yearly rental escalations over 4 percent. Furthermore, current management is willing to remain in place upon sale. Located just one mile from the Interstate 80 exit, the property has premier accessibility to surrounding areas. The interchange between Interstates 80 and 57 is positioned just minutes away, connecting the area’s two most important highway corridors. The subject asset is well-positioned within Joliet area submarket, a massive industrial submarket with two intermodal terminals that serve as critical components to Asian import and export supply chains in the Midwest. Joliet’s infrastructure advantage has generated strong demand over the past year, as net absorption totaled more than 6.1 million square feet. The submarket’s net absorption accounted for over 20 percent of the entire Chicago market and ranked as the third-highest level for any submarket in the nation. Despite 30 million square feet of new supply hitting the submarket over the last five years, demand has pushed vacancy rates to a 20-year low of 2.8 percent. Consequently, market rents in the Joliet submarket have soared to a record high of 7.1 percent year-over-year. The average market rent per square foot has increased to $6.66. With regards to flex properties, market rents are nearly double the overall industrial rate at $12.20-per-square-foot. Joliet’s impressive fundamentals have resulted in unprecedented investment demand. Annual sales in 2021 topped a record of over $560 million, about 12 percent larger than the previous high set in 2018 (CoStar). The City of Chicago covers an area of 60,000 hectares and sits 578 feet above sea level on the southwestern shore of Lake Michigan. At 190 kilometers wide and 495 kilometers long, it is the 5th largest body of fresh water in the world. The city is traversed by the Chicago and Calumet rivers. Chicago’s extensive parklands, including 3,000 hectares of city parks, attract an estimated 86 million visitors annually. As a multicultural city that thrives on the harmony and diversity of its neighborhoods, Chicago boasts 100 neighborhoods, 77 community areas, 2,716,450 residents, 50 wards, and 8 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).

Exclusively Listed By

Financing By

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