Hilco Real Estate, LLC announces October 10, 2019 as the bid deadline for the sale of a 109,970± SF manufacturing/warehouse building immediately adjacent to O’Hare International Airport in the highly desirable Chicago submarket of Des Plaines.
The property sits on 3.9± acres and features a one-story structure with nearly 100,000± SF of warehouse space, 8,975± SF of office space and 1,625± SF of mezzanine space. The building includes one 15-ton crane, one 2-ton crane, six recessed loading docks with load levelers, and seven total drive-in doors all served by 6,000-amp service. The sale of this facility is ideal for either an end user to secure significant warehouse space within the Des Plaines industrial market or an investor seeking a sizable redevelopment site of four acres. There is the opportunity to expand to almost six acres as well, with the inclusion of the neighboring property, located at 521 Santa Rosa Drive, currently available.
Immediately adjacent to O’Hare International Airport and 17 miles from downtown Chicago, Des Plaines is an ideal location for a variety of businesses and industrial uses with easy access to the convergence of expressways I-90 and I-294. In addition to being the home of several Fortune 500 companies and numerous international businesses, the Des Plaines market offers a stable mix of commercial, financial, industrial, professional, service-oriented and retail sectors.
Only Los Angeles and Atlanta saw more large industrial leasing activity than Chicago in 2018, according to The Real Deal Chicago. Additionally, through the second quarter of 2019, the vacancy rate in the O’Hare submarket was at a historic low of 3.62%, according to CoStar. Industry experts believe the growth momentum will continue, with demand being driven by companies expanding or realigning their distribution networks in and around the O’Hare area, as well as from the growing e-commerce sector.
Steve Madura, Senior Vice President at Hilco Real Estate, stated, “This sale represents a rare opportunity for buyers to acquire a significant industrial site so close to O’Hare.”
Madura continued, “With the recent multibillion-dollar plan to expand and upgrade O’Hare Airport, this property is extremely well-positioned to leverage its location next to one of the largest economic engines in the Midwest. In today’s global market, with logistics being so vital to the success of any business, we anticipate an overwhelming response from buyers with domestic and international shipping needs. Whether the ultimate buyer is an end user, investor or developer, we are confident the market will see the long-term value this site offers.”
The offer deadline is scheduled for October 10, 2019; however, offers prior to the deadline are encouraged. Offers must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. On-site inspection dates to view the property will occur on September 12 from 10:00 a.m. to 12:00 p.m. (noon) and at other times requested. For more information regarding site viewings, please contact Chet Evans at cevans@hilcoglobal.com. Interested buyers can submit their offers via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to cevans@hilcoglobal.com.
For further information on the property, an explanation of the sale process, terms of sale, and to obtain access to the virtual data room containing all property due diligence, please visit HilcoRealEstate.com or call (855) 755-2300.
For more information about this or other properties available for sale, please visit HilcoRealEstate.com.