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News

Hilco Real Estate Announces the Sale of a Railcar Repair Facility Near Joliet, Illinois

Jan 07, 2020

Railcar Repair Facility

Hilco Real Estate, LLC announces February 19 as the offer deadline for the sale of a 39-acre railcar repair facility, with direct access to the Canadian National Railway line, located in Crest Hill, Illinois, just to the north of Joliet.

This property, owned by Railway & Industrial Services, Inc., has been in operation for three generations and includes five buildings (office and industrial) totaling approximately 78,000 SF. The property’s in-place infrastructure provides immense additional value, including heavy power, piping for compressed air, oxygen, and propane for distribution throughout the site, as well as six miles of railroad track on site. Additionally, the sale includes three 40-ton Industrial Brownhoist locomotive rail cranes. The property’s valuable industrial amenities will enable an owner/user to immediately utilize this highly productive site. 

Probably the most important feature of this property is its access to the Class 1 Canadian National (CN) Railway line via an active spur. The CN Railway is the longest railway system in North America and is the only transcontinental rail network in North America that connects the Atlantic and Pacific coasts, as well as the Gulf of Mexico, as seen on this CN Network Map. The CN line interchanges every major railroad in the U.S., and while all other rail lines can take up to three days to get through Chicago, according to a Progressive Railroading article, the CN Line uniquely circumnavigates the city, allowing trains to pass through the Chicago area in shortened timeframes with the right conditions. 

Furthermore, this property is located just 30 miles southwest of Midway International Airport and five miles from Lewis University Airport. The Joliet area is a major industrial and distribution center because of its excellent rail and highway access. Since the Union Pacific Global IV intermodal center in Joliet opened in 2010, The Will County Center for Economic Development states Will County has become the largest inland container port in North America, creating an influx of freight and distribution activity for the area.

Joel Schneider, Senior Vice President at Hilco Real Estate, stated, “This railway repair site will be highly valuable to an owner/user interested in buying a property that can immediately begin operations, whether that is for rail car repair, distribution or manufacturing. This property, with its ideal Will County location, can take advantage of the area’s strong economic growth trends.” 

Focusing on the CN Rail access, Schneider added, “For a rail user, it’s incredibly valuable to have an active spur to the CN Rail line. Because this kind of rail access is in short supply, there’s already been significant interest from various kinds of users who need rail.” 

<gu-sc>The offer deadline is scheduled for Wednesday, February 19. Offers must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed offer procedures available on Hilco’s website for requirements in order to participate in the sale process. For further information on how to participate in this sale, please contact Kiefer Price at <gu-sc-dial data-dn="8475043221" title="Click to dial 8475043221"><gu-sc-img></gu-sc-img>(847) 504-3221</gu-sc-dial> or kprice@hilcoglobal.com. Offers may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to kprice@hilcoglobal.com. </gu-sc>

<gu-sc></gu-sc><gu-sc>For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call <gu-sc-dial data-dn="8557552300" title="Click to dial 8557552300"><gu-sc-img></gu-sc-img>(855) 755-2300</gu-sc-dial>. <gu-sc-orig style="display: none;">For further information on the property, an explanation of the sale process, sale terms or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300. </gu-sc-orig></gu-sc>

 
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