Absolute $1 Auction
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ABSOLUTE $1 AUCTION 1ST BID MEETS RESERVE ±39,208 SF FORMER DAYTON SUPERIOR INDUSTRIAL FACILITY AVAILABLE AT A SIGNIFICANT DISCOUNT BELOW REPLACEMENT COST WITH TREMENDOUS UPSIDE VIA STRATEGIC LONG TERM LEASE-UP, ADAPTIVE REUSE, OR REPOSITIONING ONLINE AUCTION: March 23 - 25, 2020 PHILIP KATES ADAM SKLAVER T: 305-206-1286 T: 954-745-7467 E: [email protected] E: [email protected] INDUSTRIAL, WAREHOUSE & DISTRIBUTION FACILITY ( FORMERLY DAYTON SUPERIOR) 402 SOUTH FIRST STREET, OREGON, IL CBRE is pleased to present a vacant industrial facility located at 402 S 1st Street in Oregon, IL (the “Property”). This Property is offered significantly below replacement cost and first bid meets reserve! This Property offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount. The Property is comprised of three buildings totaling ±39,208 SF on three parcels totaling ±2.72 acres. The Property was previously occupied by a single tenant, Dayton Superior, a concrete and construction supplier. The Propety’s 3 buildings are ideal for industrial, warehouse, and distribution uses. Building A contains a total of ±17,648 SF with ±5,376 SF of office; Building B contanis ±15,200 SF; and Building C contains ±6,360 SF. All buildings have 18ft-24ft ceiling heights. and one to two-stories. The Property was formerly occupied by a single tenant, Dayton Superior, a concrete product supplier in Oregon. The Property is zoned RZ, Riverfront District, allowing for a variety of uses. including commercial/retail/ recreational, etc. This absolute auction gives potential investors the ability to acquire a free-standing retail building with significant value add through long term lease up, adaptive reuse, or repositioning. The Property is located within a Tax Increment Financing (TIF) district in Ogle County which includes downtown, the riverfront, and the Pines Road corridor, and Daysville Road area(s). By establishing the TIF District, the County is actively encouraging private investment within the community and certain development projects that take place within a TIF District are eligible for incentives and reimbursement of certain costs. Some examples include professional services (e.g., architectural, engineering, legal, financial, planning); site preparation and improvement expenses (e.g., acquisition of land, demolition or rehabilitation of buildings, public works projects, extension of utilities, land clearing/grading); job (re)training expenses; and long-term interest costs. The Property is located in Ogle County, IL, within the I-39 Corridor/Ogle Cnty Industrial Submarket. The scenic city of Oregon, Illinois is nestled along the Rock River at the intersection of Illinois Route 64 and Illinois Route 2 in the heart of northern Illinois. It’s location is convenient to nearby Rockford, DeKalb, Dixon, Chicago and the Quad City areas, which ties us to the vital economic engines of the state. The city boasts quick access to both interstate and rail, allowing a competitive advantage while providing a high quality of life for it’s residents and visitors. The Property has prime river frontage and exdellent accessibility, only ±0.2 miles from Rt-64 connecting the Property to the broader area. The Property has an expanded 30-mile trade area with a labor pull expanding as far as 50-miles from the Property, In 2019, the Property had approximately ±104,117 individuals residing within a 20-mile radius with an average household income of ±$77,819. Oregon benefits from generous tax benefits that allow for a much higher standard of living than comparable cities. BUILDING: ±39,208 SF PROPERTY: INDUSTRIAL YEAR BUILT: 1991 TIF DISTRICT LOT: ±2.72 AC TENANCY: SINGLE STORIES: TWO INCENTIVE ZONE ZONING: RZ OCCUPANCY: VACANT CEILING: 18-24’ FT RIVERFRONT LOCATION RIVERFRONT ABSOLUTE $1 AUCTION 1ST BID MEETS RESERVE THE NORTHERN STATELINE REGION OREGON, OGLE COUNTY, ILLINOIS EXCELLENT Oregon is nestled deep among the rocky bluffs of the Rock River Valley halfway between Rockford and Sterling LOGISTICS Illinois. The river divides northern Illinois from the flat farmlands to the east, and the hills to the west, giving the region a more rural feel. As a result of the city’s location, residents are a short distance to a wide diversity of LOCATION JUST experiences; from cultural events and concerts, recreational and sporting activities, to urban shopping and dining ±0.2 MILES FROM experiences, as well as a short ride to international airports in Chicago, Moline, Peoria, and Rockford. RT-64 WITH EASY ACCESS TO Oregon’s location in The Northern Stateline Region has access to all the global connections of Chicago, the third I-39 largest multi-modal port system in the world, with key logistics assets such as Chicago O’Hare International Airport (ORD), seven class-I railroads, and the most interstate connections in the United States. With all the connections that Chicago offers, the lack of congestion differentiates the Northern Stateline Region from larger metropolitan areas. With Interstates 39 and 90 connecting the Northern Stateline Region to the entire NAFTA region and six class-I EXPANDED railroads connecting the region to east and west coast sea ports, distribution centers can access 75% of households in the United States within a 24-hour truck drive. Trucks can be driving highway speeds within five minutes of leaving TRADE AREA dock doors with immediate congestion-free interstate access. With more than 20% of the Northern Stateline WITH A LABOR Region’s workforce employed in manufacturing, the region offers a center of excellence in machinery manufacturing, POOL OF OVER transportation equipment manufacturing, and fabricated metal product manufacturing. These sub-sectors ultimately ONE MILLION support the aerospace, automotive, and other advanced manufacturing industries represented in the Northern WITHIN A 50 Stateline Region by Fiat Chrysler Automobiles, Nippon Sharyo, UTC Aerospace Systems, and Woodward, Inc. These MILE RADIUS companies chose to invest in Boone, Ogle, Stephenson, and Winnebago Counties because of key differentiators that impact a business’ bottom line: Unbeatable Logistics Location; Center of Manufacturing Excellence; Sophisticated Industrial Labor Force; Competitive Operational Costs; and Global Community. Companies in the Northern Stateline Region pull from a labor force of over one million people from a 50 mile radius. Over 75 higher education institutions - including Northern Illinois University, University of Illinois’ College of Medicine, Rock Valley College, TAX Highland Community College, and Rockford University - train a next generation workforce. FRIENDLY STATE WITH NUMEROUS Low operational costs ensure sustainability for companies in the Northern Stateline Region with industrial INCENTIVES infrastructure which offers excess capacity and low costs. An abundant water supply and reliable waste-water treatment is especially attractive to heavy industrial users, such as metal fabricators, and low electricity rates reduce AND LOW costs for all end-users. While all companies in Illinois enjoy tax-free personal property, exemptions from sales tax on OPERATIONAL machinery, and no inventory tax or gross-receipts tax, companies in the Northern Stateline Region realize further COSTS benefits from Foreign Trade Zone #176 which helps companies optimize their international supply chain. PHILIP KATES ADAM SKLAVER T: 305-206-1286 T: 954-745-7467 E: [email protected] E: [email protected] EXPANDED 20-MILE TRADE AREA DEMOGRAPHICS © 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs..