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    1850 Norman Dr Waukegan, IL 60085

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    For Sale
    Contact for pricing

    131,341 SF office building 100% leased to Fortune 200 company.

    Property size:
    131,341 SF
    Lot size:
    9.42 Acres

    Property Features for 1850 Norman Dr

    General Information

    Size
    131,341 SF
    Lot size
    9.42 Acres

    Source: Colliers | Chicago Rosemont Agent Alissa Adler

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Waukegan Office Building for Sale

    The property at 1850 Norman Drive, Waukegan, Illinois, is a 131,341 square foot office building located in Norman Woods Business Park, which houses other regional office tenants. The property is 100% leased to a Fortune 200 Pharmaceutical Company, rated AA- by S&P Global. Situated less than two miles from the tenant’s global headquarters, it is also conveniently located across from the 432-acre Amhurst Lake Business Park. Amhurst Lakes consists of 29 properties, housing over 25 tenants across various industries including industrial, office, R&D, and lab uses. The area attracts highly rated corporations due to the strong labor pool, including Medline, Amazon (AA), Cardinal Health (BBB), AbbVie (A-), and HCSC (A+). AbbVie, the former pharmaceutical division of the tenant, leases and occupies two office buildings in Amhurst Lakes totaling 198,000 SF. The tenant recently announced a $500 million investment in manufacturing and R&D at its local and Texas headquarters, planning to add approximately 200 new jobs in Illinois over the next few years. This investment supports the tenant’s U.S. transfusion diagnostics business and reflects the company’s commitment to strengthening domestic operations and boosting innovation and production capacity within the U.S.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    FedEx Drop Box Mailing Service Abbott Laboratories Building ... Corporate Office

    Suggested Use

    Restaurant Realty agency Law Firm Dental Office Building Supply Wholesale Shop Auto Repair Shop Clothing Store Gym & Fitness Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waukegan
    County
    Lake
    State
    Illinois
    Longitude
    -87.8969733
    Latitude
    42.3265867

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    FAQs

    What type of property is this?
    Office building - 131,341 SF office building 100% leased to Fortune 200 company.
    Where is this office building located?
    The property is located at 1850 Norman Dr Waukegan, IL.
    What are key features of this property?
    This property features: - 100% leased to a Fortune 200 Pharmaceutical Company with an AA- credit rating by S&P Global.; - Located less than two miles from the tenant's global headquarters.; - Tenant is significantly expanding its footprint in Illinois with a $500 million investment.
    (847) 997-0770
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    1850 Norman Dr Waukegan, IL 60085
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1850 Norman Dr Waukegan, IL 60085
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