1240-1250 Garnet Drive, Northlake, IL

Project Size:         101,000 SF

Project Type:       Acquisition of Vacant Multi-Tenant Building

Opportunity:      Midwest acquired the functional, well located, infill property at an attractive basis from a corporate seller looking to restructure their real estate holdings

Value Added:

  • Secured the challenging municipal approval of “Class 6b” property tax incentive effectively cutting the taxes by 50% over a twelve-year period
  • Renovated and repositioned the property by upgrading the exterior, parking lot and performing numerous market ready interior improvements to the warehouse and office spaces
  • Secured a corporate tenant for half of the building from Midwest Industrial’s current portfolio in conjunction with closing
  • Completely stabilized the asset by leasing the remaining portion of the building to another corporate tenant within nine months of the acquisition