Absolute NNN Leased Industrial
940 Lakeside Drive | Gurnee, IL 60031
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Property Details
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Total Lot Size
Occupancy
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2.22 Acres
100% (STNL)
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2001 / 2022
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Description
[/ux_text]Exp Commercial is proud to present to market an excellent opportunity to acquire an absolute NNN-leased state-of-the-art industrial manufacturing facility with zero landlord responsibilities at a below-market price with future upside in market rents and potential tenant expansion.
This property is a class A high-end semiconductor production facility of 18,504 SF with 2,880 square feet of ground-floor office space and an additional 2,938 square feet of newly built-out office and conference room mezzanine space. Recent capital improvements include a recently installed state-of-the-art clean room valued at over $2 million and a new roof. The property is expandable to a total of 35,000 sf, and the tenant has expressed near-term interest in expanding the building to house a second clean room for their growing business. There are three drive-in truck docks and one drive-in door. The clear heights are 21′.
There are a little over two years of term remaining on the original ten-year lease at $8.50/SF NNN. This rate does include a $3.96/SF tenant improvement repayment that will end at the end of the initial lease term in November 2025. There are two 5-year renewal options, each at a fixed below-market rate of $4.54/SF NNN in a current $9/SF+ market. There is a much higher than average probability of tenant renewal after having invested nearly $3 million in recent capital improvements, and substantial improvements or expansion of the facility will provide an owner with the opportunity to renegotiate market-rate lease terms with the tenant. The tenant is Akhan Semiconductor, a leading manufacturer of diamond solutions for glass, optical, and electronic applications.
The Gurnee, IL, commercial industrial real estate submarket is located north of Chicago in the Grand Tri-State Business Park near I-94. This submarket is home to a wide variety of businesses, including manufacturing, distribution, and logistics. The submarket is well-served by transportation infrastructure, including I-94, I-294, and the Tri-State Tollway.
This is an attractive, stable 1031 exchange opportunity with substantial accelerated depreciation tax benefits.
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Highlights
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Absolute NNN Lease (Zero Landlord Responsibilities)
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Upside in Rents, Tenant Expansion and Credit Tenant
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High-end Semiconductor Manufacturing Facility
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Established Growing Technology Company Tenant
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18,504 SF expandable to 35,000 SF
- Ideal 1031 Exchange and Tax Shelter
Map
[/ux_text] [map lat=”42.3726282148″ long=”-87.9527001356″ zoom=”16″ content_enable=”0″ content_width__sm=”100″ content_width__md=”40″ position_x__sm=”100″ position_y__sm=”100″ controls=”true”]924 E Willow St Kankakee, IL 60901
[/map] [/col] [col span=”4″ span__sm=”12″ divider=”0″ padding=”0px 0px 0px 0px” margin=”0px 0px 0px 0px” border=”0px 0px 0px 0px”] [divider align=”center” width=”300px” height=”1px”] [button text=”Offering memo” padding=”0px 10px 0px 10px” expand=”true” link=”https://buildout.com/connect/sharing/1199487-sale?file=2990806″ target=”_blank”] [ux_text line_height=”0.75″ text_color=”rgb(0,0,0)”]Broker
Randolph Taylor
Senior Associate
eXp Commercial
C: 630.474.6441
E: rtaylor@creconsult.net
