West Pullman Industrial Center
1000 West 119th Street, Chicago, IL, 60643, US
38,406 제곱미터
Jones Lang LaSalle ("JLL") has been exclusively retained to market for sale the fee-simple interest in the Chicago Commerce Center 1-57, a 388,578 square foot, multi- tenant industrial facility with excess trailer parking (the “Property” or the “Offering”). The Offering is 100% leased to four (4) unique tenants with just 2.9 years of weighted-average lease term remaining, a 20% mark-to-market opportunity and no fixed renewal options, allowing investors to drive yields as early as year two (2) of a hold period. Following approximately $2.8MM in capital improvements, investors receive a well-maintained asset with a recently approved 12-year Tax Incentive in-place cutting taxes approximately in half, driving NOI and positioning the asset competitively within the submarket.
Strategically positioned just 4 minutes off I-57, the Offering's immediate interstate access allows its users to benefit from Chicago's vast transportation infrastructure including the #1 Cargo Airport in North America and all six (6) Class I railways. Furthermore, I-57 has become increasingly popular among institutional owners and occupiers including Amazon, DHL, Home Depot, among others, due to the corridor's affordability and regional/local access to a deep labor pool. Additionally, the Offering benefits from tight submarket fundamentals and exceptional rent growth with 60% rent growth since 2021. Chicago Commerce Center I-57 presents investors the opportunity to acquire functional industrial real estate with immediate interstate access at a basis well-below replacement cost with near-term yield upside, excess trailer parking, and a long-term tax incentive in-place.