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Investment Property - Industrial (Parker-Hannifin)

Listing was updated at: 07/05/2019
Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin) Investment Property - Industrial (Parker-Hannifin)

Property Overview

Price/Rent PSF $ 5,200,000.00
Asset Type Industrial
Trade Type Sale
SQ. FT. Available 58,568
Date Available 07/05/2019
Additional URL Link
Parking 202
Floors 1
Additional parameters Show
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Description

Location
The subject property is located near the northeastern edge of the city of Morton, Illinois. The population of Morton is approximately 16,000. Caterpillar, Inc. maintains a parts facility within Morton. There are also smaller manufacturing businesses that provide subcontracting services to Caterpillar, as well as computer and professional service providers. The subject property is located on N. Main Street, inside an industrial park. The subject property is located in close proximity to Interstates 74 and 155. Morton has excellent transportation opportunities, based on the presence of Interstates 74, 155, and 474. Morton is located within the Peoria-Pekin Metropolitan Statistical Area. Peoria is the largest city within the area, and Morton is considered as a suburban area of the city. In addition to proximity to Peoria, Bloomington-Normal is located 30 miles east of Morton.

Sale
Core 3 is pleased to present the exceptional opportunity to acquire a 100% fee-simple interest in the single-tenant net leased Parker Hannifin Building (“The Property”), located at 1651 North Main Street in Morton, IL 61550. The Property consists of a 58,568 square-foot building on 5.42 acres of land. The building was initially constructed in 1999 for Preco, Inc. who's interest was eventually owned by Parker Hannifin, a global leader in industrial parts development and manufacturing. The original, 20-year, net lease was just renewed for 5-years and runs through 2024. Thereafter, Parker Hannifin has an additional 5-year renewal option. The Property is located in Morton, Illinois, a sister community to Peoria, Illinois, home to the 12,000 person Caterpillar workforce. The population of 105,882 within a ten-mile radius is ripe with a skilled assembly and technical labor force. Parker Hannifin is the world’s leading diversified manufacturer of motion and control technologies and systems. The company’s engineering expertise spans the core motion and control technologies – electromechanical, hydraulic and pneumatic, fluid and gas handling, filtration, sealing and shielding, climate control, process control and aerospace. Parker operates in 50 countries and employs approximately 57,000 people worldwide. In fiscal year 2018, Parker had sales of $14.3 billion.

Location

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