History and Background of Midwest Industrial Funds

  • 2019 – Today – Midwest Industrial Funds continued its growth and reached a notable milestone by acquiring its 70th property.  In addition to acquiring and repositioning multiple buildings in its fund, they also launched new ground up speculative development projects totaling approximately 500,000 square feet in West Chicago, IL and Joliet, IL.  The West Chicago development was the largest spec industrial building developed to date in the Fox Valley Submarket and 34% of that building was leased before completion.  All new construction projects were completed using Midwest Industrial’s new integrated development and construction approach which includes in-house design build general contracting services.  They also completed nearly one million square feet of new leases and lease renewals during 2019 in addition to strategic building sales to a national REIT and multiple user-buyers totaling $17+ million.
  • 2018 – Midwest Industrial Funds started deploying capital for its second discretionary fund by acquiring five properties totaling over 900,000 square feet in addition to acquiring another 100+ acres of development land.  They  expanded their development arm with the hiring of two new construction and development executives in conjunction with breaking ground on a 100,000 square foot ground up spec development in Batavia, IL, as well as the high profile $45+ million, 600,000 square foot redevelopment of 6600-6620 River Road in Hodgkins, IL.  This redevelopment was branded the Hodgkins Center of Commerce and marked one of the largest existing industrial building repositioning completed to date by a developer in metro Chicagoland.  The Hodgkins Center of Commerce project involved a joint venture between Midwest Industrial and a large institutional equity partner.  Additionally, in 2018 Midwest Industrial completed a portfolio sale to a national REIT as well as four other building sales to various user-buyers and private investors totaling $30+ million.
  • 2017 – The Principals expanded the firm’s platform by hiring a dedicated Director of Acquisitions and a new Director of Finance.  Midwest Industrial acquired six existing buildings, 100+ acres of development land and raised almost three times more capital for their second fully discretionary private investment fund.  The team also successfully completed a $26 million refinance of the remaining assets in Fund I, and strategically exited multiple buildings including one sale to a private REIT and two sales to user-buyers.
  • 2015-2016 – Midwest Industrial Funds continued to be very active acquiring over 1.2 million square feet of buildings in Chicagoland and Texas as well as 100+ acres of development land.  They successfully sponsored, co-invested and raised the capital for a fully discretionary private investment fund.  In late 2016 the Principals, Justin Fierz and Michael Androwich, resigned as partners at Lee & Associates and moved the Midwest Industrial offices to west suburban Oak Brook, IL to focus solely on the management, leadership and continued growth of the Midwest Industrial Funds platform.
  • 2011-2014 – Midwest Industrial Funds was active acquiring 35 acres of development land and a mix of value-add and stabilized buildings totaling over 800,000 square feet through twelve separate transactions and selling $25+ million in assets.
  • 2007-2008 – Midwest Industrial Funds sold 335,000 square feet of buildings in four separate transactions totaling nearly $25 million which resulted in a 3.2 times return on equity in advance of the real estate and economic changes that ensued.
  • 2003 – Mr. Fierz and Mr. Androwich formed Midwest Industrial Funds to continue to expand their successful real estate investment, development and asset management business.
  • 2002 – The Principals were two of the founding partners of the Lee & Associates Chicago office.  Through their efforts, guidance and help of their partners, the Chicago office grew into a top tier, commercial real estate services firm.
  • 2001 – Mr. Fierz and Mr. Androwich’s business and personal relationship continued to grow and they developed their first “spec” building together using 100% of their own equity.  The investment resulted in over a 2.5 times return on equity in a year and a half period.
  • 1996 – The Principals began collaborating together as industrial real estate brokers at a Chicago area industrial real estate brokerage, investment and development firm.  In addition to quickly becoming two of the firm’s top and most successful brokers, they learned the investment, development and asset management businesses from the firm’s principals who collectively owned and managed approximately 5 million square feet of industrial properties.