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Podolsky Circle CORFAC International | 385 Airport, Elgin 1 ELGIN VALUE-ADD SINGLE STORY OFFICE
Podolsky Circle CORFAC International | 385 Airport, Elgin 1E L G I NVALUE-ADD SINGLE STORY OFFICE
Podolsky Circle CORFAC International | 385 Airport, Elgin 2
The Podolsky Circle Middle Market Investment Advisory Team is pleased to present this offering memorandum for 385 Airport Road, Elgin, Illinois (the “Property”). The
Property consists of a single-story, multi-tenant office building totaling 31,320 square feet fronting on I-90 in Elgin, Illinois. At 28% leased, 385 Airport Road offers investors
the opportunity to purchase an asset well below replacement cost, collect cash flow from existing tenants, and create value through future leasing. Alternatively, the property
could be redeveloped due to its prominent location, visibility and access off the four-way interchange at the northeast corner of Route 31 and I-90.
E X E C U T I V E S U M M A R Y
EXECUTIVE SUMM ARY | INVESTMENT HIGHLIGHTS
Located at the full interchange at I-90 (Jane Addams Memorial Tollway) and
Route 31, 385 Airport Road provides tenants with ease of access. The Elgin area
has a dense population and a strong back office workforce that benefits tenants
and attracts employers to the area. The Property is located in the 155-acre Fox
River Business Center just minutes north of the downtown business district and the
Grand Victoria Casino. Fox Business Center is a mixed use business park with
office, retail, hotel, self-storage and industrial uses. Judson University, Providence
Baptist College and J Renee College are within a 5-minute drive and the Property
could provide an excellent option should they expand.
L O C A T I O N A LA D V A N T A G E
385 Airport Road is a prime candidate for an aggressive new marketing
campaign to increase occupancy and re-tenant the Property. The current building
configuration allows for a single anchor tenant or multiple smaller tenants and
has the potential for expansion of the parking area. The Property is also an ideal
candidate for re-development given its 2.89 acre +/- size and its outstanding
access and visibility from I-90. Current tenants all conveniently expire in
2020, allowing current income during the planning and design phase of a re-
development.
The outstanding visibility of the Property makes it a rare find for image conscious
companies. Whether it is an office tenant, retailer, hotel or one of the many other
possible uses for the site, the signage opportunity from I-90 is unmatched. Beginning
in 1995 and for many years, 385 Airport was home to the Daily Herald and their
prominent signage became a landmark for the Rt. 31 exit. According to IDOT,
96,100 VPD pass the Property daily. The easy access full interchange, combined
with an incredible visibility and signage opportunity, create a powerful marketing
tool to attract an anchor tenant for the site.
U P S I D EP O T E N T I A L
O U T S T A N D I N GV I S I B I L I T Y
NE T RE NTABLE ARE A31,320 SF
SITE SIZE+/- 2.89 AC RES
YE AR BUILT1988
OCCUPANC Y28%
CURRE NT NUMBE R OF TE NANTS3
PARKING COUNT+/- 103 SPAC ES
Podolsky Circle CORFAC International | 385 Airport, Elgin 3
AIRPORT
LAND OWNEDBY CITY OF ELGIN
LAND OWNED BY THIRD PARTY
31
A I R P O R T R O A D
Site plan is approximate
Podolsky Circle CORFAC International | 385 Airport, Elgin 4
D O W N T O W N C H I C A G Oѵ
O ’ H A R E I N T E R N A T I O N A L A I R P O R T
AIRPORT
I - 9 0 / I L - 3 14 - W A Y I N T E R C H A N G E
31
Podolsky Circle CORFAC International | 385 Airport, Elgin 5
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385 AIRPORT RDELGIN, IL
PROPERT Y OVERVIEW | LOCATION OVERVIEW
Podolsky Circle CORFAC International | 385 Airport, Elgin 6
PODOLSK Y.COM
Our firm is part of CORFAC International — Corporate Facility Advisors — an alliance of entrepreneurial commercial real estate firms that partner to deliver quality and experienced service locally, nationally and internationally.
MIDDLE MARKET INVESTMENT ADVISORY TEAM
A L I S S A A D L E RManaging Principal | Managing Broker
J O H N R . H O M S H E R , C C I MPrincipal
P A U L M . T E S D A LSenior Vice President
1700 W. Higgins Road, Suite 280 | Des Plaines, IL 60018
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