Despite this record-long bull market showing signs of strain, there is plenty of capital eagerly hunting large distribution centers that can service the e-commerce industry. Yes, there has been a lot of development in Chicago’s I-80 and I-55 corridors of late, but investors might want to look downstate for strong investment opportunities
Sherwin Williams Distribution Center, Effingham
Newport Beach, California-based SRS National Net Lease Group is marketing 711 W. Wabash Avenue, located in an Opportunity Zone in Effingham, Illinois. Built in 1996, the 1,283,360-square-foot building is seeking $47,968,000, ideally as part of a 1031 exchange.
Sherwin Williams has occupied the site since 1985 and has expanded the facility four times, including a recent $8.3 million investment into the property. The company plans an additional $11.6 million in capital expenditure over the next five years. There are more than nine years remaining on the paint distributor’s triple-net lease.
Located in central Illinois, the site is 212 miles from Chicago, 144 miles from Indianapolis and 102 miles from St. Louis via the nearby intersection of I-57 and I-70. The Class B property features 60 loading docks and clear heights ranging from 26 to 29 feet. Sarah Cafaro, Britt Raymond and John Redfield of SRS’s New York and Newport Beach offices are brokering the sale
I-57 Logistics Center, Marion
Located at 1100 Glenn Clarida Drive in Marion, Illinois, this 1,079,020-square-foot industrial building is seeking a $20.5 million investment. Sean Henrick, Ryan Klink and Edwin Lampitt of Cushman & Wakefield’s St. Louis and Rosemont, Illinois offices are marketing the property.
Constructed in 2000, the property is close to I-57, I-64, I-24 and I-55, four of the country’s major cross-country freight routes, with a dedicated truck road leading to I-57. The anchor tenant is Aisin Manufacturing, occupying 351,110 square feet.
The building features a 10,000-plus-square-foot office, a recently replaced roof, 35-foot clear height, 108 exterior docks, one drive-in door, ESFR sprinkler with 250,000-gallon tank on site, exterior LED lighting and parking for 340 cars and 200 trailers (expandable to more than 1,000). The site is fully fenced with dual entry points and guard house and offers two segregated staging areas and available rail access to BNSF and UP rail lines
Supervalu Distribution Center, Urbana
This warehouse/distribution asset is located at 2611 N. Lincoln Avenue in Urbana, Illinois. Consisting of two properties—a distribution center and a truck maintenance facility—the property is seeking an undisclosed price. Ben Smith and Jeffrey Thomas of Seattle-based Thomas Company are marketing the sale.
The 884,366-square-foot distribution center offers 133 dock doors with roughly a quarter of the space being temperature controlled. Recent investments include a state-of-the-art ammonia cooling system and LED lighting installed with dimmers for efficiency. Clear heights in the newer portions of the distribution center range from 35 to 40 feet and the rest of the property varies from 22 to 30 feet.
Grocery chain Supervalu, Inc. occupies the distribution center with 19 years remaining on a 20-year, triple-net lease. A third-party truck maintenance operator that services Supervalu and other clients subleases the truck maintenance building. The site has immediate access to I-74 and is located approximately four miles from the I-57 interchange.