1240-1250 Garnet Drive
Acquisition of Vacant Multi-Tenant Building
Midwest acquired the functional, well-located, infill property on an attractive basis from a corporate seller looking to restructure their real estate holdings.
- 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.