The Value-Add McHenry Corporate Center IV | 1391 Corporate Dr
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The Value-Add McHenry Corporate Center IV 1391 Corporate Dr
66,408 SF 35% Leased Office Building Online Auction Sale Mchenry, IL 60050
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Investment Highlights
- The McHenry Corporate Center IV located at 1391 Corporate Drive presents the market a rare opportunity to acquire a flex asset in McHenry, Illinois.
- Opportunity to acquire a 35% leased office asset, presenting new ownership in-place cash flow with value-add upside through lease-up or usership.
- Property includes 10,000 square feet of warehouse space with a drive-in and a dock-high door allowing distribution tenancy.
- Centralized location between three major metropolitan areas, including Chicago, Rockford, and Milwaukee.
- Within 5 miles there is a robust population of over 306,000 people who earn over $112,000 a year per household creating a strong work force.
- Property is located in the business park adjacent to major medical in McHenry including Northwestern and Mercy with potential for medical uses.
Executive Summary
1391 Corporate Drive presents the market with an excellent opportunity to acquire a partially leased flex office property in an industrial/office corridor within McHenry, Illinois. The professionally maintained building totals 66,408 square feet of space and rests on a 6.5-acre parcel. There is ample on-site parking available, with 245 surface spaces available. The building is currently 35% leased to two tenants, a financial services firm and a civil engineering firm at lease rates of approximately $13 psf NNN. The building presents a new user/owner or investor/owner with an immense opportunity to acquire a flexible asset that can appeal to a wide range of potential tenants, including industries like financial services, call centers, medical offices, and production-based tenants. The space was partially renovated in 2021 to provide tenants with high-end finishes and a revitalized space. The asset also includes 10,000 square feet of warehouse space with 1,600-amp/480-volt/3-phase power. The property is also operated and managed by a professional property management firm that is available to continue on managing the property.
McHenry, Illinois, offers investors the opportunity to acquire an asset strategically located in the center of the triangle formed by three key midwestern cities: Chicago, Milwaukee, and Rockford. This centralized location makes it a hub for goods distributors and business providers, including Follett, one of the nation's leading educational suppliers. Demographics in this area feature an impressive workforce that companies will be able to utilize to fill their ranks. Within a 10-mile radius, there is a robust population of over 306,000 people, which is expected to expand modestly over the next five years. This population earns over $112,000 a year per household, while 30% of the population base has earned a bachelor's degree or higher. This property is also neighboring major medical including Northwestern and Mercy allowing for potential medical uses in addition to traditional office uses.
Do not miss the opportunity to acquire this value-add corporate center. It offers immense flexibility and appeal across several key industries, and the in-place cash flow affords time to execute new leasing strategies or owner usership.
Property tours are available by appointment only. Please contact the broker to schedule.
McHenry, Illinois, offers investors the opportunity to acquire an asset strategically located in the center of the triangle formed by three key midwestern cities: Chicago, Milwaukee, and Rockford. This centralized location makes it a hub for goods distributors and business providers, including Follett, one of the nation's leading educational suppliers. Demographics in this area feature an impressive workforce that companies will be able to utilize to fill their ranks. Within a 10-mile radius, there is a robust population of over 306,000 people, which is expected to expand modestly over the next five years. This population earns over $112,000 a year per household, while 30% of the population base has earned a bachelor's degree or higher. This property is also neighboring major medical including Northwestern and Mercy allowing for potential medical uses in addition to traditional office uses.
Do not miss the opportunity to acquire this value-add corporate center. It offers immense flexibility and appeal across several key industries, and the in-place cash flow affords time to execute new leasing strategies or owner usership.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
Market Analytics Click Here to Access
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Market Sale Price per SF
Chicago - IL USA
Market Cap Rate
Chicago - IL USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
Office
Building Size
66,408 SF
Building Class
B
Year Built/Renovated
1994/2021
Percent Leased
35%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
33,204 SF
Building FAR
0.23
Land Acres
6.50 AC
Zoning
I-1 - Industrial District including office and light industrial.
Parking
245 Spaces (3.69 Spaces per 1,000 SF Leased)
Amenities
- Air Conditioning
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease End
- CC Services, Inc.--Country Financial
- -
-
99,999 SF
- -
-
Jan 0000
- HR Green, Inc.
- -
-
99,999 SF
- -
-
Jan 0000
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease End | ||
| CC Services, Inc.--Country Financial | - | 99,999 SF | - | Jan 0000 | ||
| HR Green, Inc. | - | 99,999 SF | - | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 102 | 2,769 SF | Office | - | Now |
| 1st Fl-Ste 103 | 7,676 SF | Office | - | Now |
| 1st Fl-Ste 104 | 3,921 SF | Office | - | Now |
| 1st Fl - 105 | 6,348 SF | Industrial | - | Now |
| 2nd Fl-Ste 201 | 17,815 SF | Office | - | Now |
| 2nd Fl-Ste 202 | 4,282 SF | Office | - | Now |
1st Fl-Ste 102
| Size |
| 2,769 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste 103
| Size |
| 7,676 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl-Ste 104
| Size |
| 3,921 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
1st Fl - 105
| Size |
| 6,348 SF |
| Space Use |
| Industrial |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 201
| Size |
| 17,815 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
2nd Fl-Ste 202
| Size |
| 4,282 SF |
| Space Use |
| Office |
| Condition |
| - |
| Available |
| Now |
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1st Fl-Ste 102
| Size | 2,769 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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1st Fl-Ste 103
| Size | 7,676 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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1st Fl-Ste 104
| Size | 3,921 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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1st Fl - 105
| Size | 6,348 SF |
| Space Use | Industrial |
| Condition | - |
| Available | Now |
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2nd Fl-Ste 201
| Size | 17,815 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
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2nd Fl-Ste 202
| Size | 4,282 SF |
| Space Use | Office |
| Condition | - |
| Available | Now |
About FAR NORTHWEST
The area far northwest of Chicago is known for its roots in agricultural commerce and recreational activities. Situated just below the Wisconsin-Illinois border to the north, the scenic Fox River to the east, and agricultural commerce to the west, this area earned its bragging rights as a pastoral reprieve for its inhabitants. The numerous bike trails, nature preserves, and historic sights dot this idyllic enclave just 56 miles due northwest of Chicago’s urban core.
Besides its natural beauty, people are drawn here to worship at Crystal Lake’s Megachurch Willow Creek and work with employers like automotive wholesaler Brake Parts, Inc (453 employees) in McHenry, industrial manufacturer Senior Flexonics (270 employees) in Bartlett, and financial institution JP Morgan Chase (390 employees) in Elgin. It is now becoming a classic example of exurbanization. In fact, the far northwest area is experiencing rapid growth among the 20 – 29-year-old set.
DEMOGRAPHICS
Demographics
1 Mile
3 Mile
5 Mile
2024 Population
3,478
27,534
69,141
2020 Population
3,240
26,826
67,587
2029 Population
3,532
27,727
69,563
2024-2029 Projected Population Growth
1.6%
0.7%
0.6%
Daytime Employees
18,640
27,832
41,732
Total Businesses
1,188
2,335
4,156
Average Household Income
$94,209
$101,845
$112,146
Median Household Income
$64,332
$78,555
$88,087
Total Consumer Spending
$44.6M
$362.6M
$943.7M
Median Age
41.9
42.5
42.5
2024 Households
1,451
10,753
26,365
Percent College Degree or Above
24%
20%
22%
Average Home Value
$246,069
$266,554
$290,308
zoning
| Zoning Code | I-1 (Industrial District including office and light industrial.) |
| I-1 (Industrial District including office and light industrial.) |
PROPERTY TAXES
| Parcel Number | 14-10-201-006 | Improvements Assessment | $483,745 |
| Land Assessment | $198,365 | Total Assessment | $682,110 |
PROPERTY TAXES
Parcel Number
14-10-201-006
Land Assessment
$198,365
Improvements Assessment
$483,745
Total Assessment
$682,110
Sale Advisors
Sale Advisors
Dan Jones, Co-founder, SIOR, Principal
(847) 310-4299
Contact
Dan Jones co-founded Entre Commercial Realty LLC in 2006 after numerous years in the industrial real estate industry. The company prides itself on providing an entrepreneurial and aggressive approach, much like most of their clients' businesses. Entre focuses more time on client service and less on corporate politics, takes a proactive position in the marketplace and responds quickly to changing market conditions.
Dan is also a co-founder and owner of Iris Construction Services, LLC which is a full service, value-engineered commercial construction and maintenance services company. We have been servicing major commercial and industrial brokers, investors and property managers for several years.
Prior to forming Entre Commercial Realty and Iris Construction Services, Dan was with Paine/Wetzel Associates, a Chicago-based industrial real estate brokerage firm focusing on industrial sales, leasing and investment properties.
Before joining Paine/Wetzel, Dan was part owner and co-founder of the Comtech Group, a technology distributor for 20-plus technology product lines including IBM, Cisco Systems and 3Com. Dan grew the business from $0 to $50 million in revenue within five years. He also held part ownership of Computer Technologies Leasing, where he provided leasing and financing solutions for his clients.
Dan received his B.B.A in Finance from the University of Notre Dame and his M.B.A. in Marketing and Management from The Kellogg Graduate School of Management - Northwestern University.
Dan is also a co-founder and owner of Iris Construction Services, LLC which is a full service, value-engineered commercial construction and maintenance services company. We have been servicing major commercial and industrial brokers, investors and property managers for several years.
Prior to forming Entre Commercial Realty and Iris Construction Services, Dan was with Paine/Wetzel Associates, a Chicago-based industrial real estate brokerage firm focusing on industrial sales, leasing and investment properties.
Before joining Paine/Wetzel, Dan was part owner and co-founder of the Comtech Group, a technology distributor for 20-plus technology product lines including IBM, Cisco Systems and 3Com. Dan grew the business from $0 to $50 million in revenue within five years. He also held part ownership of Computer Technologies Leasing, where he provided leasing and financing solutions for his clients.
Dan received his B.B.A in Finance from the University of Notre Dame and his M.B.A. in Marketing and Management from The Kellogg Graduate School of Management - Northwestern University.
Daniel Benassi, Principal & Managing Broker
(847) 310-4298
Contact
Dan Benassi co-founded Entre Commercial Realty LLC in 2006 after several years in the industrial real estate industry. The company prides itself on providing an entrepreneurial and aggressive approach, much like most of their clients' businesses. Dan's clients benefit from his experience with a wide variety of successful projects from creative lease transactions to complex build-to-suit developments.
Dan is also a co-founder of Iris Construction Services LLC which is a full service, commercial construction company. Iris has been servicing major commercial and industrial brokers, investors and property managers for several years.
Previously, Dan spent 7 years with Paine/Wetzel Associates, a Chicago-based industrial real estate brokerage firm. In 2004 Dan received the company's Five-Star Award, given to the company's top producer with less than five years of experience. He was also a finalist for the Association of Industrial Real Estate Brokers' Frank Mahoney Award recognizing the industry's top producers with less than five years of experience.
Prior to joining Paine/Wetzel, Dan spent 4 years with PricewaterhouseCoopers LLP (PwC) where he was a Manager in a national group implementing business processes to help Fortune 500 clients reduce real estate taxes, capture manufacturing-related tax credits, and identify transaction cost savings. Dan also focused on new business development and generated over $500,000 of project revenues in his last year at PwC.
Dan's clients have included large multi-national corporations as well as smaller companies and private equity investors. Dan received his B.S. in Finance in 1995 from the University of Illinois at Urbana-Champaign and is a licensed Real Estate Broker in the States of Illinois and Wisconsin.
Representative Clients/Customers
John Hancock Life Insurance Company
Samsung Electronics
Medela, Inc.
Ameriprise Financial
First Midwest Bank
Lowe's
Aptar Group (NYSE: ATR)
USF Holland
Colony Financial, Inc.
Waterton Associates
DXP Enterprises (NASDAQ: DXPE)
Carquest Auto Parts
JAFrate
Dan is also a co-founder of Iris Construction Services LLC which is a full service, commercial construction company. Iris has been servicing major commercial and industrial brokers, investors and property managers for several years.
Previously, Dan spent 7 years with Paine/Wetzel Associates, a Chicago-based industrial real estate brokerage firm. In 2004 Dan received the company's Five-Star Award, given to the company's top producer with less than five years of experience. He was also a finalist for the Association of Industrial Real Estate Brokers' Frank Mahoney Award recognizing the industry's top producers with less than five years of experience.
Prior to joining Paine/Wetzel, Dan spent 4 years with PricewaterhouseCoopers LLP (PwC) where he was a Manager in a national group implementing business processes to help Fortune 500 clients reduce real estate taxes, capture manufacturing-related tax credits, and identify transaction cost savings. Dan also focused on new business development and generated over $500,000 of project revenues in his last year at PwC.
Dan's clients have included large multi-national corporations as well as smaller companies and private equity investors. Dan received his B.S. in Finance in 1995 from the University of Illinois at Urbana-Champaign and is a licensed Real Estate Broker in the States of Illinois and Wisconsin.
Representative Clients/Customers
John Hancock Life Insurance Company
Samsung Electronics
Medela, Inc.
Ameriprise Financial
First Midwest Bank
Lowe's
Aptar Group (NYSE: ATR)
USF Holland
Colony Financial, Inc.
Waterton Associates
DXP Enterprises (NASDAQ: DXPE)
Carquest Auto Parts
JAFrate
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr 478027045
-
Dan Jones -
Daniel Benassi -
Marc Bartolini -
Entre Commercial Realty LLC
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Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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The Value-Add McHenry Corporate Center IV | 1391 Corporate Dr
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