Vacant Industrial Facility

Lot Description

Investment Highlights:

• Offer Below Replacement Coast

• RZ Zoning Allows for a Variety of Commercial Uses

• Three Buildings Ideal for Warehouse & Distribution

• 18-24 ft Clear Ceiling Height & 5,376 SF Office

Offering Details:

CBRE and 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 the 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 three 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 contains ±15,200 SF; and Building C contains ±6,360 SF. All buildings have 18 ft-24 ft 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. Its 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 its residents and visitors. The Property has prime river frontage and excellent 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 pool 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 Oregon benefits from generous tax benefits that allow for a much higher standard of living than comparable cities.