Gateway Park
2850 West Columbus Avenue, Chicago, IL, 60652, US
61 490 mètres carrés
Descriptif
Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee-simple interest in 1451 Sheldon Drive (“the Property” or “the Offering”), a 477,115 square foot cross-dock manufacturing and distribution facility in Elgin, IL. Delivered in 2022 by a best-in-class developer, the facility features 36' clear height, 40 dock doors (expandable to 100), excess trailer parking capacity, and 4,000 amps of power. The Property is fully leased to Pregis, LLC, who operates a major e-commerce and food-grade packaging manufacturing facility. Pregis has funded and installed heavy, bolt-down infrastructure to support its specialized operations, and manufactures and distributes paper packaging products for a variety of name brands from this facility, including multiple Fortune 100 companies.
With 9.2 years of lease term remaining and 3.25% annual rent escalations, 1451 Sheldon Drive provides stable, growing cash flow backed by an entrenched tenant. The Property serves as Pregis’ largest production facility and benefits from proximity to the company’s Chicago Loop headquarters, as well as a 12-year Class 6b tax abatement that significantly reduces operating costs in Cook County.
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Attributs
Superficie du bâtiment nette
44 325 mètres carrés
Occupation
100 %
Année de construction
2022
Média
Points forts de l'investissement
- Consolidation of three Chicago MSA locations
- Formerly leasing space in three Chicagoland locations (Carol Stream, Elk Grove Village, and Bensenville), Pregis' operations in the Subject Property are a consolidation of these facilities and an expansion of total leased square footage.
- Known as Pregis' newest paper converting center, production within the Property is focused on the manufacturing of recyclable paper packaging solutions for e-commerce and food grade customers.
- Heavy tenant investment into manufacturing build out
- Pregis self-funded the majority of its manufacturing infrastructure, including multiple paper processing lines and large stamping machines.
- Landlord Funded Work: The only work funded by current ownership was two (2), 40,000-pound dock levelers and the increase of power capacity to 4,000 amps.
- The tenant's self-funding of its improvements allowed for a minimal Landlord capital outlay - offering future ownership an attractive, below-market in-place rent.
- One of five like-kind facilities in Pregis' network
- This Elgin site serves as the company's primary Midwest facility for recyclable paper mailer production, and joins four other mailing facilities serving distinct regions.
- The rise of e-commerce and the shift to paper mailing products from major players like Amazon and Walmart, positions these mailing facilities well for future success. This site in particular is expected to divert an estimated 33,000 tons of waste from landfills as brands transition from plastic alternatives.
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1451 Sheldon Drive (0 Propriétés)
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Dernière mise à jour
7 mai 2026
