1445 11th St, Waukegan, IL 60085

The property at 1445 11th Street in Waukegan, Illinois, consists of approximately 82,500 square feet of warehouse space on 4.12 acres of land. The single-tenant asset features a clear height ranging between 12 and 18 feet, three dock-high doors, two drive-in doors, a full sprinkler system, and 1.6 acres of fenced-in industrial outdoor storage space. The property is situated between Illinois Routes 131 and 137, conveniently located north of the Great Lakes Naval Station with proximity to Interstate 94. The property is leased to QXO, the largest publicly traded distributor of roofing, waterproofing, and complementary building products in North America. In November 2025, QXO initiated a new 10-year lease on a triple-net basis at $3.56 per square foot with 3.0 percent annual escalations. The property is well-positioned within the large North Lake County submarket, containing 44.2 million square feet of industrial space. In 2025, the submarket experienced a significant rebound in industrial demand as 1.1 million square feet were absorbed on net. With only 44,000 square feet of new deliveries on net, the vacancy rate in North Lake County contracted sharply by 230 basis points to 5.7 percent, comfortably below the 7.7 percent national average. The reduction in availability helped to support local rent growth as the average market rate grew by 4.2 percent annually. There are no construction projects underway in North Lake County.