Hilco Real Estate Announces The Sale Of A 280,000± SF, Income-Producing, Industrial Building Well Located Outside Of Chicago
NORTHBROOK, Ill., Nov. 19, 2020 /PRNewswire/ -- Hilco Real Estate, LLC announces December 17, 2020 as the offer deadline for a multi-tenant warehouse and manufacturing facility in Blue Island, Illinois. Conveniently located less than two miles from both I-294 and I-57, the property offers excellent highway access and represents a stable, income-producing asset featuring sizable tenants with significant lease term remaining.
Situated on 14± acres, this industrial facility is located at 3301 Wireton Road in the city of Blue Island. At over 80% occupancy, the building's tenants include the State of Illinois (44,960± SF), Folding Guard/Troax, Inc. (75,000± SF), Express Carriers Corp. (58,930± SF), and Marathon Sportswear (54,920± SF). Constructed between 1913 and 1962, the property consists of four light industrial and office buildings totaling 281,180± SF. Recent renovations include updated Carrier rooftop HVAC units, new roofs installed in both 2008 and 2017, along with a parking lot upgrade in 2017, electrical upgrades and more. The property offers industrial tenants clear heights up to 34 feet, a total of 20 loading docks, heavy power of 2500 amps/480 volts ideal for manufacturing users, a wet pipe sprinkler system throughout the facility, and a monitored fire detection system for added security. Currently, there is approximately 31,500± SF of warehouse space available which includes three dock doors and one drive-in door. The 2021 NOI is estimated to be $450,000.
Established in 1835, the City of Blue Island is one of the oldest communities in Cook County and located less than 17 miles south of Chicago's Loop. Blue Island's economy is a well-rounded mix of industrial, service and retail-related businesses and bolstered by its strong transportation infrastructure. An interstate highway network provides convenient links to nearby suburbs and virtually the entire Midwest region. Blue Island sits less than two miles to I-57 and offers proximity to I-294 and I-80, which links the city to nearby suburban areas. In addition, two major airports, O'Hare International Airport and Chicago Midway International Airport, are less than 45 minutes away, and Chicago's Loop can be reached in 30 minutes by car. Commuters can utilize more than 50 daily Metra trains that run to and from downtown Chicago, as well as an efficient PACE bus service that provides easy transportation throughout Blue Island and the surrounding communities.
Steve Madura, senior vice president at Hilco Real Estate, stated, "With the demand for well-located industrial assets continuing to grow nationwide, we see this offering as an exceptional opportunity for investors to acquire a stabilized, multi-tenant facility within 30 minutes of downtown Chicago." He continued, "At over 80% occupancy, the property already produces significant cash flow, not to mention the remaining 31,500± square-feet of available warehouse space that the new owner can lease up to further strengthen this tremendous investment."
Madura added, "Due to the extreme volatility of the stock market in recent days, investors are seeking alternative opportunities that provide a safe haven from the current global uncertainty…and real estate, especially income-producing real estate, has historically provided the long-term stability and diversification investors seek. As such, we expect an overwhelming response to this offering."
The sealed bid deadline is scheduled for Thursday, December 17, 2020. 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. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on Hilco's website. Offers may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 410, Northbrook, IL 60062, or via email to [email protected].
For more information on how to view the property and schedule on-site tours, please contact Steve Madura at (847) 504-2478 or [email protected].
For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
Media Contact:
Gary Epstein
Hilco Global
Office: (847) 418-2712
Mobile: (847) 323-4943
Email: [email protected]
SOURCE Hilco Real Estate
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