2720 S River Rd 108,125 SF 82% Leased Office Building Des Plaines, IL 60018 For Sale

The Colliers | Chicago Office Capital Markets Team has been selected as exclusive agent for the sale of 2720 River Road located in Des Plaines, Illinois (the “Property”). The Property containing approximately 5.59 acres with a 108,125 square foot office building is an ideal candidate for re-development for multi-family, hospitality, senior living, or R&D. This is a rare opportunity to acquire infill acreage in an exceptional location near O’Hare Airport, Rivers Casino, a robust office submarket and multiple entertainment venues. The site has direct visibility to the Tri-State Tollway (I-294) with over 550 feet of Tollway frontage. Des Plaines is a developer friendly municipality and is open to a variety of uses.
- Extremely accessible, high visibility location on Interstate 294 in proximity to O’Hare International Airport and centrally located in the strong O’Hare office corridor and Chicagoland’s most vibrant shopping & entertainment area
2720 River sits in the heart of a vibrant dining, entertainment and shopping area, all located within a five-minute drive. Tenants or hotel guests can catch a game at the Chicago Dogs Impact Field, enjoy an evening at Rivers Casino, free summer concerts at the Parkway Bank Entertainment District or catch a show at Allstate Arena or the Rosemont Theater. In addition to the many local attractions, there are a plethora of restaurants ranging from casual dining to white tablecloth for a quick bite or client entertaining.
- 5.59 +/- acre site ready for adaptive re-use with multiple options, including upscale Industrial, Multi-Family, Senior Housing or Hospitality
Primed for redevelopment with 90.8% of tenancy expiring by yearend 2024. Developers can take advantage of the short-term leases and existing termination clauses to make way for multiple redevelopment options and alternative uses. The current building has a lower level that is ideal for future amenity space and retaining the existing footprint can save significantly on development costs. The site currently has abundant parking with over 375 surface parking spaces.
- Opportunity to combine energy efficient improvements with C-PACE financing for enhanced returns
Commercial Property Assessed Clean Energy (C-PACE) has become a valuable tool for owners and developers. The program enables up to 100% long-term, fixed-rate financing for energy efficiency, renewable energy, resiliency, water use and electric car charging building improvements on existing buildings or new construction. Private capital funding is secured by a special assessment lien on the property and is repaid as a line item on the property tax bill. In addition, if allowed by leases, the C-PACE assessment can be passed through to tenants and transfers upon sale to the next property owner. With the enormous redevelopment potential at the Property, C-PACE will be an invaluable part of enhancing returns and sustainability.
- Transit-oriented location creates a perfect opportunity for multi-family housing and hospitality
The Property benefits from its proximity and access to the Jane Addams Memorial Tollway (I-90), Interstate 294 and abundant public transportation. A PACE bus stop at the entrance to the Property provides weekday service between North Prospect Heights, Kensington Business Center, Western Des Plaines, Rivers Casino and the Rosemont CTA Blue Line Station. Additionally, commuter rail service is provided by Metra, with several stations in the vicinity. Located within 5 minutes by car or by quick bus ride, the CTA Blue Line runs from Downtown Chicago to O’Hare and is one of only two CTA train lines that operate on a 24-hour schedule.