NORTHBROOK, Ill., Sept. 21, 2021 /PRNewswire/ -- Hilco Real Estate, LLC announces the sale of a well-located manufacturing facility at 1111 Wheeling Road in Wheeling, Illinois. The property features 117,700 square feet of versatile warehouse space and 11,640 square feet of office space. The offer deadline is scheduled for October 29.
This property consists of a single-tenant, industrial manufacturing facility totaling approximately 129,340 square feet on 9.18 acres set within a well-established industrial pocket of Wheeling, Ill. The facility was constructed in 1968 with additions in 1971 and 1975 and features a total of six dock doors, including three enclosed loading docks, two external loading docks and one drive–in door, with 18-foot clear heights throughout. Electricity and full sprinklers are provided all through the facility. A traditional mix of front office space backed by production and warehousing space are included within the building. The facility also features additional mezzanine office/storage space.
The city of Wheeling has an estimated population of approximately 40,000, with a diverse and dynamic economy, according to Data USA. Located in the heart of Chicago's prestigious northern suburbs, Wheeling is distinguished by its unique balance of industry, commercial/retail development, hospitality and residential neighborhoods on nearly 3.5 square miles of land with over 800 businesses. With a reputation as a strong industrial center in the Chicagoland region, the city is home to nearly 14 million square feet of manufacturing facilities and is the fifth largest manufacturing employment concentration in Illinois. Some local manufacturers include Hidden Valley Manufacturing, Reynolds Consumer Products, Penray, Creation Technologies, SG360°, Handi-Foil, Valspar, Wieland Metals, Argon Medical Devices, Durable Packaging, Richelieu Foods, Keats Manufacturing and Tool King Inc. Businesses can begin, move or expand operations in Wheeling while taking advantage of Cook County's6B tax incentives for local industrial development. In addition, the city has the regionally renowned "Restaurant Row," an area of numerous restaurants along bustling Milwaukee Avenue including Cooper's Hawk, Bob Chinn's, Boston Fish Market, Superdawg, Benihana, Buca di Beppo, Saranello's and others, all generating roughly $90 million of revenue contributing to the city and state's economies.
This sale represents an exceptional opportunity for a user or investor to obtain usable industrial square footage and office space in a very competitive and strategic Chicagoland industrial location close to interstates, O'Hare International Airport and Chicago Executive Airport.
Steve Madura, senior vice president at Hilco Real Estate, stated, "With industrial vacancy rates hovering around 4% and rents up over 6% this year, this is a rare opportunity for either an investor to acquire a desirable building in a where the market's current appetite for industrial product is almost insatiable, or an end user to find a move-in ready building for their expanding business. Based on the building's dock layout, a smaller user could even occupy half the building and lease the remaining space to another business in order to subsidize their purchase – a win-win situation."
Mr. Madura continued, "The headline here is the location. This facility is situated in a business-friendly community that provides near-immediate access to Chicagoland's network of interstates, airports and complimentary businesses. We anticipate market interest in this sale to be very strong."
The offer deadline for this sale is Friday, October 29 at 5:00 p.m. On-site inspections will be held on Thursday, September 30 and Tuesday, October 19. 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 regarding the sale process or to schedule an on-site appointment, please contact Chet Evans at (847) 418-2702 or [email protected] or Steve Madura at (847) 504-2478 or [email protected].
For further information on the properties, an explanation of the sale process 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.