281,847 SF Warehouse for Rent in Chicago Heights, IL

Warehouse Description

The Doughty Industrial Group of Marcus & Millichap presents a fully occupied multi-tenant industrial investment opportunity at 480 E Lincoln Hwy in Chicago Heights, IL. Situated less than 5 miles from the Indiana border, the property offers proximate access to I-57 and I-294, facilitating interstate transportation throughout the Chicagoland area and Midwest.

Constructed in 1965, the 281,847-square-foot property resides on 14.88 acres. It features excellent distribution capabilities with 15 docks, 7 drive-in doors, and a 22' clear height. The building is fully occupied by two tenants: Gerresheimer Glass, Inc., a publicly traded German glass manufacturer, and Morgan Li, a global custom furniture and graphics manufacturer.

Gerresheimer, established in the building since 2001, has expanded its footprint, demonstrating long-term commitment. Morgan Li, with a global clientele, operates under a gross lease structure. Both tenants are currently paying below-market rents, presenting opportunities for significant rent growth and enhanced yield. With the potential for pro-forma CAP rate exceeding 10.00%, the investment offers stable credit tenancy and substantial income growth potential. The property's current list price of $9,500,000 generates an in-place net operating income of $647,925, equating to a 6.82% CAP Rate.