1240-1250 Garnet Drive

Project Size 

101,000 SF

Project Type

Acquisition of Vacant Multi-Tenant Building

Opportunity

Midwest acquired the functional, well-located, infill property on 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 twelve years.

• Renovated and repositioned the property by upgrading the exterior, and 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.