Midwest Industrial Funds Acquires Plainfield Multi-Tenant Property
Midwest Industrial Funds Acquires Plainfield Multi-Tenant Property
Midwest Industrial Funds recently purchased a 49,000 SF multi-tenant building on 3.7 acres located at 24317 W. 143rd Street, Plainfield, IL. The precast concrete and glass building, which was constructed in 2007, features 26’ clear ceilings, 8 exterior loading docks, 8 grade level doors, 71 car parking and an ESFR fire suppression system. The building was 88% leased to five tenants at closing. The property is located on the western end of the I-55 South Submarket which has experienced the most rapid industrial, commercial and residential growth of any Chicagoland submarket over the last 15 years. Midwest Industrial plans to enhance the exterior and landscaping as well as perform market ready interior improvements to the vacant unit.
Cory Ramey of John Greene Industrial represented Midwest Industrial Funds on the acquisition and will be marketing the vacancy. Mark Masino and Madison O’Connor of Marcus and Millichap represented the Seller, a private investor.
Jed Degnan, Director of Acquisitions with Midwest Industrial Funds stated, “We are very excited about this Plainfield acquisition. We think the building is in a great location within an expanding submarket and possesses great functionality which will allow us to be successful with this investment. The property fits very well with our strategy of acquiring well-designed assets that have solid upside potential over time. We are off to a solid start acquisition wise in 2018 and enthusiastic about finding the next one for our growing portfolio.”