Owner/User Investment Opportunity

Highlights

• Owner/user can occupy between 15,000 to 35,175 SF
• 6B in place for four more years
• 2 exterior loading docks
• 1 DID
• Ceiling Height 14' to 16'
• Plenty of parking

Description

The subject property is a 35,175-square-foot industrial building built in 1970 and recently renovated, located on the north side of Palatine near the downtown area just off of Colfax Street, in Cook County. The property sits on approximately 1.65 acres of land. The building was designed as a single-tenant building, but with minor modifications, it now accommodates seven tenants. The property can easily be converted back to a true owner/user or can be sold as an investment. An owner/user buyer could occupy between 15,000 SF - 35,175 SF.

Currently, the property is occupied by 7 tenants, including the owner’s businesses which occupy three of the units. The building is more suited for an owner/user and the tenants are all on short-term leases. The owner's businesses will vacate the building and the tenants can be easily vacated as well, providing a full building for an owner/ user. If a buyer desires the full building with one contiguous space, the seller will cover the cost of the demo.

The property has been significantly renovated including many upgrades. There is a new office area along with new restrooms in one of the tenant spaces. There are a total of 6 restrooms and the majority are ADA compliant. Lighting has been upgraded as well. The building sits on a concrete slab and features two exterior truck-level loading docks, and a 16’ drive-in-door. The ceiling heights range from 14 to 16 feet. Four 15-to-20-ton rooftop HVAC units and one interior unit service the building. The HVAC is relatively new, replaced approximately three years ago. The roofing was recently overlaid with a single-ply roofing system. There is a new storm sewer on the property and a total of 56 parking spots, providing significant parking for this property.

The subject property is located directly on Eric Drive just off of Colfax Street, immediately west of Downtown Palatine and the Metra Station (walking distance). This is a well-positioned property with easy access to all the major thoroughfares in Palatine, including IL Routes 68, 14 and 53.
Palatine is a suburb approximately 30 miles northwest of Chicago, in Cook County, IL. A 2010 census showed the population at 68,500, making it the 18th largest community in the state of Illinois. The village can easily be accessed via IL-53, a major expressway in the northwest suburbs. The village is also home to a UPS hub and Harper College.

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