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JLL is pleased to offer for sale the fee simple interest in a mission-critical industrial asset located at 700 State Street in Chicago Heights, Illinois (the “Property”). Featuring over 17-years of remaining absolute triple net lease term, the Property is 100% leased to Innophos, Inc. (“Innophos”, “Company”, or “Tenant”), the industry-leading manufacturer of specialty phosphates and ingredients. Strategically positioned next to a key Innophos manufacturing facility, the Property provides distribution, warehousing, lab space, and quality assurance for finished goods.
Situated within the largest industrial market in the United States, the Property enjoys convenient access to key regional infrastructure including Class I rail, the CN Chicago Intermodal Terminal, and Interstates, 57, 94/294, and 80. Moreover, the Property’s submarket (Far South Cook) has sound fundamentals, having experienced 4.7% average annual rent growth and 5.3% vacancy rate over the last three years.
Interested investors have the exciting opportunity to capitalize on an attractive combination of mission-critical industrial product, long-term absolute NNN lease structure, industry-leading tenancy, and enhanced residual value appreciation due to the Property’s highly connected Chicagoland location.
- Chicago is the largest US industrial market with a record low 4.9% vacancy
- Far South Cook submarket recorded 4.7% annual rent growth over past 3-years
- Industry-leading tenancy with premier private equity sponsorship
- Mission-critical asset with rare combination of warehouse, distribution, and lab space
- Highly connected Chicago-land location with close proximity to major Midwestern infrastructure
- Ultra long-term absolute triple net lease