6600-6620 River, Hodgkins, IL – Hodgkins Center of Commerce
Project Size: 600,000 SF two building complex
Project Type: Infill Spec Redevelopment/Repositioning
Opportunity: Midwest acquired the infill, multi-tenant properties located in close proximity to the BNSF domestic intermodal yard. The properties had significant deferred maintenance and had become functionally outdated for modern users.
Value Added:
- Performed extensive due diligence, engineering and project budgeting/bidding under very tight contract due diligence and closing timeframes
- Secured municipal approval of the “Class 6b” property tax incentive effectively reducing the taxes by +/-50% over a twelve-year period
- Managed all facets of the very complex $20+ million visionary design, engineering, permitting and new construction/redevelopment process
- Completely repositioned and modernized the 6600 property in the marketplace by demolishing 150,000+ SF of the main building in order to install a new high image precast concrete and glass façade (including new foundation system and new structural 60’ speed bay), added 40+ new truck docks, 135’ concrete and asphalt truck court as well as a new roof, state of the art HVAC system and ESFR fire suppression system. This marked one of the largest existing industrial building renovation projects ever completed by a developer in metro Chicagoland in terms of overall property size and total capital spend
- Completely repositioned and rebranded the 110,000 SF 6620 property as well, creatively wrapping it with new architectural metal, full concrete truck court including trailer parking, office, roof, HVAC system and 29 docks doors
- Secured a long-term lease with a growing international auto parts supplier for 100% of the 6600 building within 6 months from shell building redevelopment completion
- In 2020 this project was rewarded as a finalist for the most prestigious industry award in our market, NAIOP Chicago’s Industrial Redevelopment of the Year