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Office Warehouse

1080 Breuckman Drive

1080 Breuckman Dr, Crown Point, IN 46307

Listing Price: $1,450,000

Cap Rate
7.07%
Gross SF
13,000
Price/Gross SF
$111.54
Lot Size
1.11 acres
Year Built
2006
Rentable SF
13,000

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1080 to 1086 Breuckman Drive in Crown Point, Indiana. The subject property consists of approximately 13,000 square feet of flex space and is situated on 1.11 acres of land. The multi-tenant asset features four units, six drive-in doors, and a clear height of 14’. Tenants are leased on varying terms, and there is currently a waitlist to fill any available space at the end of 2023. Commencing in January 2023, rental increases will add $15,000 annually to net operating income. Situated in Millennium Park Business Center, the property is 50 miles from Downtown Chicago and has close proximity to Interstate 65. The subject property is located within Lake County, which consists of 14.2 million square feet of industrial space. For comparable properties sized 10,000 to 75,000 square feet, the vacancy rate in Lake County has steadily declined from about 10 percent in 2012 to just 2.0 percent so far in Q2 2022. The current vacancy rate sits just 70 basis points off its historical low. Over the last 12 months, net absorption for comparable properties clocked in at nearly 201,000, rising 36 percent annually. With availability remaining tight in the county, market rent growth is up 7.8 percent year-over-year, representing the second-highest rate in 20 years. Despite Lake County enjoying its best year on record, construction activity has fallen to four-year lows. With only 26,725 square feet underway, representing 0.2 percent of comparable inventory, vacancies and rent growth will go unimpeded by new supply 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 hightech 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).

Investment Highlights

  • 13,000-Square-Foot Flex Industrial Space Featuring Six Drive-In Doors on 1.11 Acres
  • High Barrier-to-Entry Location: 2.0% Submarket Vacancy Rate, 7.8% Rent Growth on Comparables
  • Location Features Trailing 12-Month Absorption of 201,000 Square Feet on Comparables, 36% Year-Over-Year (CoStar)
  • 100% Occupied Since 2009 with Waiting List to Fill Available Space at End of 2023
  • Rental Increases Commencing in 2023 Adds 100 Basis Points to Cap Rate
  • Located in Millennium Park Business Center with Close Proximity to I-65 and 50 Miles from Chicago

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s) IN: RB14034355

    Indiana

Financing By

Office Warehouse

1080 Breuckman Drive

Listing Price: $1,450,000

Cap Rate
7.07%
Gross SF
13,000
Price/Gross SF
$111.54
Lot Size
1.11 acres
Year Built
2006
Rentable SF
13,000

Investment Highlights

  • 13,000-Square-Foot Flex Industrial Space Featuring Six Drive-In Doors on 1.11 Acres
  • High Barrier-to-Entry Location: 2.0% Submarket Vacancy Rate, 7.8% Rent Growth on Comparables
  • Location Features Trailing 12-Month Absorption of 201,000 Square Feet on Comparables, 36% Year-Over-Year (CoStar)
  • 100% Occupied Since 2009 with Waiting List to Fill Available Space at End of 2023
  • Rental Increases Commencing in 2023 Adds 100 Basis Points to Cap Rate
  • Located in Millennium Park Business Center with Close Proximity to I-65 and 50 Miles from Chicago

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1080 to 1086 Breuckman Drive in Crown Point, Indiana. The subject property consists of approximately 13,000 square feet of flex space and is situated on 1.11 acres of land. The multi-tenant asset features four units, six drive-in doors, and a clear height of 14’. Tenants are leased on varying terms, and there is currently a waitlist to fill any available space at the end of 2023. Commencing in January 2023, rental increases will add $15,000 annually to net operating income. Situated in Millennium Park Business Center, the property is 50 miles from Downtown Chicago and has close proximity to Interstate 65. The subject property is located within Lake County, which consists of 14.2 million square feet of industrial space. For comparable properties sized 10,000 to 75,000 square feet, the vacancy rate in Lake County has steadily declined from about 10 percent in 2012 to just 2.0 percent so far in Q2 2022. The current vacancy rate sits just 70 basis points off its historical low. Over the last 12 months, net absorption for comparable properties clocked in at nearly 201,000, rising 36 percent annually. With availability remaining tight in the county, market rent growth is up 7.8 percent year-over-year, representing the second-highest rate in 20 years. Despite Lake County enjoying its best year on record, construction activity has fallen to four-year lows. With only 26,725 square feet underway, representing 0.2 percent of comparable inventory, vacancies and rent growth will go unimpeded by new supply 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 hightech 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).

Exclusively Listed By

Broker of Record

  • Josh Caruana

    First Vice President/District Manager

    (317) 218-5300

    License(s): IN: RB14034355

    Indiana

Financing By

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