Laraway Road Distribution Center
1151 E Laraway Rd, Joliet, IL, 60433-9520, US
68,449 m²
Jones Lang LaSalle (“JLL”), as exclusive advisor to ownership, has been retained to market for sale the fee-simple interest in the Infill O'Hare Single-Tenant Portfolio, a three-building, 316,747 square foot industrial package located in the land-constrained, high-occupancy industrial pockets of Itasca, Elk Grove Village, and Franklin Park, IL (the "Offering", the "Properties", or the "Portfolio"). 100% leased to three logistics tenants with 2.6 years of weighted average lease term remaining, the Portfolio is defined by (i) below-market in-place rents that provide investors with a 36%+ mark-to-market opportunity and (ii) central locations within the O'Hare and North DuPage County industrial submarkets where rents have grown at a combined 9.5% CAGR from 2020-2024 YTD. In addition to prime locations, future ownership will benefit from the Portfolio's tax-advantaged status through incentives and location: 1000 Estes Avenue and 11130 King Street have active Cook County 6B tax incentives through 2033 and 2034 respectively, while 921 Ardmore's location in DuPage County provides a tax advantage over neighboring counties. Current ownership has invested in retrofitting the assets to enhance functionality, a legacy that will benefit future ownership in the form of reduced capital requirements. As such, the Infill O'Hare Single-Tenant Portfolio provides investors with an entry point into Chicago's premier industrial submarkets in the form of irreplaceable, well-maintained industrial product at a discount to replacement costs, which couples with below-market in-place rents to provide a runway to near-term value creation.