611 North Union
611 N Union Ave, Chicago, IL, 60654, US
5,443 제곱미터
Jones Lang LaSalle Americas (Illinois) L.P. ("JLL"), as exclusive advisor to Ownerhship, is pleased to offer for sale the fee-simple interest in 800 & 875 Woodlands Parkway. Two industrial facilities totaling 249,847 square feet located adjacent to each other in the Lake County submarket in Vernon Hills, Illinois (the "Properties"). The Properties are 100% leased to Kanaflex (the "Tenant") through August 2029, offering investors a stable in-place cash flow with near-term upside potential.
The Properties represent an exceptional opportunity to acquire functional industrial assets at a significant discount to estimated replacement cost. Combined with a 12.4% mark-to market opportunity, there is substantial near-term upside potential to increase cash flow upon lease expiration. The absolute net lease structure provides stable, predictable cash flow with limited capital requirements for future ownership. Recent property improvements include: parking, lighting, and roof renovations which further minimize the likelihood of any signifcant captial expenditures in the foreseeable future.
Situated in the highly sought-after Lake County submarket, the Properties benefit from a prime location between Chicago and Milwaukee with excellent access via Interstate 94. The Lake County industrial market has seen strong growth, driven by lower property taxes compared to neighboring Cook County and access to a deep talent pool from the greater Chicago area's 9.4 million residents.
With a lack of available industrial land for development in the immediate area and virtually no new competitive supply coming online, the Properties are wellpositioned to benefit from continued rent growth and stable occupancy. The combination of below-market in-place rents, strategic location, and committed tenancy at 800 & 875 Woodlands Parkway provides an attractive investment opportunity in the Chicago MSA.
DISCOUNT TO REPLACEMENT COST ENHANCED BY MARK-TO-MARKET OPPORTUNITY
COMMITTED TENANCY BOLSTERED BY STRATEGIC LOCATION
HIGHLY ACCESSIBLE LOCATION WITH STRONG DEMOGRAPHICS
LIMITED CAPITAL REQUIREMENTS BACKED BY ABSOLUTE NET LEASE