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Warehouse

Refrigeration & Equipment Services

230 Laura Dr, Addison, IL 60101

Listing Price: $930,000

Cap Rate
7.92%
Gross SF
11,783
Price/Gross SF
$78.93
Lot Size
0.59 acres
Year Built
1969
Rentable SF
11,783

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 230 West Laura Drive in Addison, Illinois, occupied by the owner, Refrigeration & Equipment Services, LLC. The subject property consists of approximately 11,783 square feet of warehouse space and is situated on 0.59 acres of land. The asset features a clear height of 14’, one dock-high door, and one grade-level door. As a sale-leaseback, this opportunity offers investors a two-year triple-net lease, minimizing landlord responsibilities. Given that property taxes in Dupage are relatively low among Chicagoland counties, the area has been highly sought after by investors. With proximate access to major freeways including Interstates 290 and 355, the property is strategically located. The subject asset is situated within West Suburbs, a tough barrier-to-entry submarket with a massive inventory base of 41.1 million square feet, placing it among the nation’s largest industrial submarkets. Despite a 20-year high of new supply projected to hit West Suburbs in 2022, the 4.3 percent Q1 vacancy rate is expected to trend lower as net absorption hits a decade’s high. Historic high tenant demand has helped push market rent growth to the highest level on record during Q1 at 7.7 percent year-over-year. Industrial rents in West Suburbs run for about $9.50-per-squre-foot, offering investors a near 16 percent premium over the Chicago market. Last year surpassed the record for sales volume with $362.3 million in West Suburbs (CoStar). With interest rates set to rise, investors are in a prime position to take advantage of a strong submarket with continuously improving fundamentals. 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).

Investment Highlights

  • 11,783-Square-Foot Industrial Warehouse Situated on 0.59 Acres
  • Two-Year Sale-Leaseback with Refrigeration & Equipment Services
  • Features 14' Clear Heights, One Dock-High Door, and One Grade-Level Door
  • Tough Barrier-to-Entry Market: 4.3% Overall Vacancy and 7.7% Annual Rent Growth (CoStar)
  • Strategically Located Industrial Warehouse with Proximate Access to Major Freeways I-290 and I-355
  • Highly Sought After DuPage County Taxes

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s) IL: 471.011175

    Illinois

Financing By

Warehouse

Refrigeration & Equipment Services

Listing Price: $930,000

Cap Rate
7.92%
Gross SF
11,783
Price/Gross SF
$78.93
Lot Size
0.59 acres
Year Built
1969
Rentable SF
11,783

Investment Highlights

  • 11,783-Square-Foot Industrial Warehouse Situated on 0.59 Acres
  • Two-Year Sale-Leaseback with Refrigeration & Equipment Services
  • Features 14' Clear Heights, One Dock-High Door, and One Grade-Level Door
  • Tough Barrier-to-Entry Market: 4.3% Overall Vacancy and 7.7% Annual Rent Growth (CoStar)
  • Strategically Located Industrial Warehouse with Proximate Access to Major Freeways I-290 and I-355
  • Highly Sought After DuPage County Taxes

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 230 West Laura Drive in Addison, Illinois, occupied by the owner, Refrigeration & Equipment Services, LLC. The subject property consists of approximately 11,783 square feet of warehouse space and is situated on 0.59 acres of land. The asset features a clear height of 14’, one dock-high door, and one grade-level door. As a sale-leaseback, this opportunity offers investors a two-year triple-net lease, minimizing landlord responsibilities. Given that property taxes in Dupage are relatively low among Chicagoland counties, the area has been highly sought after by investors. With proximate access to major freeways including Interstates 290 and 355, the property is strategically located. The subject asset is situated within West Suburbs, a tough barrier-to-entry submarket with a massive inventory base of 41.1 million square feet, placing it among the nation’s largest industrial submarkets. Despite a 20-year high of new supply projected to hit West Suburbs in 2022, the 4.3 percent Q1 vacancy rate is expected to trend lower as net absorption hits a decade’s high. Historic high tenant demand has helped push market rent growth to the highest level on record during Q1 at 7.7 percent year-over-year. Industrial rents in West Suburbs run for about $9.50-per-squre-foot, offering investors a near 16 percent premium over the Chicago market. Last year surpassed the record for sales volume with $362.3 million in West Suburbs (CoStar). With interest rates set to rise, investors are in a prime position to take advantage of a strong submarket with continuously improving fundamentals. 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).

Exclusively Listed By

Broker of Record

  • Steven D. Weinstock

    First Vice President / Regional Manager / Designated Managing Broker

    (630) 570-2200

    License(s): IL: 471.011175

    Illinois

Financing By

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