DWG Capital Group presents a value-add industrial credit opportunity in Harrisburg, IL. The ±34,621 SF facility, formerly corporately guaranteed by Goodyear (S&P: BB-), offers entry at $93/SF, well below replacement cost. With a pro-forma NOI of $193,200 and implied rent of $5.58/SF NNN, the property is competitively priced, defensible on re-tenanting, and positioned for future upside.
Investment Highlights
Attractive Basis: $93/SF, significantly below replacement cost
Credit Legacy: Former Goodyear-backed tenancy (S&P: BB-)
Below Market Rent: $5.58/SF NNN provides defensible entry economics
Pro-Forma Yield: 6.00% achievable at market rents
Flexible Strategies: re-tenant with regional/national credit users; sell to an owner/user; redevelop or reposition
1031 Appeal: Ideal exchange size and structure
About DWG Capital Group: DWG Capital Group is a seasoned institutional advisory team with more than $2 billion in closed transactions and over 15,000 units executed nationwide. The firm has completed over 421 state-side closings, specializing in commercial, residential, development, debt, and equity advisory at an institutional standard.
The leadership team — Judd Dunning, Hugh Gehrke, and Mike Paytonjian — brings decades of national brokerage, private equity, and capital markets experience, with a foundation built under Newmark Capital Markets before launching DWG’s independent platform.
Market & Location
Strategic tri-state hub serving Illinois, Kentucky, and Indiana
Direct interstate and airport access
Carbondale–Marion market with rent growth, low vacancy, limited supply
Cost-competitive labor base supporting tenant operations
Tenant / Credit Profile – The Goodyear Tire & Rubber Company (S&P: BB-)
Q1 2025 Net Sales: $4.3 billion
Net Income: $115 million
Segment Operating Income: $195 million
Transformation Plan: $200 million in portfolio and efficiency benefits
Credit Rating: BB- (stable); Debt/EBITDA below 5x; free cash flow to debt 5%+
Global Footprint: 72,000 employees, 57 facilities in 23 countries, two innovation centers (Akron, OH and Luxembourg)
Market Rent & Comparable Positioning
Regional Flex/Industrial Average: $6.00–$7.50/SF NNN
Retail Corridor Benchmarks: $10.00–$15.00/SF NNN in Illinois secondary markets
In-Place Rent: $5.58/SF NNN – defensible entry with upside