$1 Auction - REIT Sale | Former BMO Bank 15901 S Division St

Marcus & Millichap is pleased to present a vacant, free-standing, retail building located at 15901 South Division Street in Plainfield, IL, 60544 (the “Property”). Located in the Chicago MSA, the Property is offered significantly below replacement cost and offers an exceptional owner/user or investment opportunity with significant value enhancement potential at a significant discount. FIRST BID MEETS RESERVE!
Built in 1999, the Property is improved with a one-story, free-standing, single tenant building totaling ±1,915 square feet. The Property was formerly occupied by BMO Harris Bank on a triple net lease and offers potential owner users/investors the ability to acquire a free-standing retail bank building with significant value add through lease up at long term market rates (CoStar estimated rents of $18-21 SF Retail). The Property is strategically positioned on a ±1.556 AC (±67,762 SF) hard corner parcel and is improved with a retail/office building with five (5) drive-thru lanes. This former BMO Harris Bank offers 26 surface parking spaces and is easily accessible via multiple points of ingress/egress. Zoned B3, Planned Unit Development, which offers favorable flexible zoning allowing for a variety of commercial and retail uses via adaptive reuse or repositioning.
The Property is located in the Chicago metropolitan area within Will County and is part of the Joliet/Central Will submarket. This former BMO Harris Bank is strategically positioned in a suburban area approximately ±35-min from Chicago Midway International Airport and ±45-min from downtown Chicago. The Property benefits from a prime location at the signalized intersection of Division Street/IL-59 (±23,400 VPD) and W Renwick Rd (±9,000 VPD), offering ±204 feet of frontage along IL-59/S Route 59, a primary traffic carrier. Additionally, it is conveniently proximate to major regional thoroughfares, including I-55 (±81,800 VPD) and U.S. Route 30 (±24,000 VPD), providing seamless access to the greater Chicago area and surrounding suburbs. Educational demand drivers within 1 mile include Plainfield North High School (±1,985 students), Central Elementary (±585 students), and St. Mary’s (±345 students), with Joliet Junior College (±15,000 students) just ±10-min away. The Property is positioned in a retail corridor with nearby retailers such as McDonald’s, Dunkin, Starbucks, and Advance Auto Parts. Additional demand drivers like Louis Joliet Mall are just 5-minutes away while The University of St. Francis, Rialto Square Theatre, The Forge and Downtown Joliet are within a 15-min drive. Key corporate demand drivers in Plainfield’s industrial and business corridors include Diageo, Caterpillar, and Amazon. The Property’s strategic location in a growing suburban area with robust accessibility to educational, corporate, and leisure demand drivers ensures significant long-term potential for investors and owner/users alike. This former BMO Harris Bank is positioned in a dense, affluent area serving nearly ±60k people with an AHHI of $142,199 within 3 miles and ±170k people with an AHHI of $133,520 within 5 miles.