Midwest Industrial Funds acquires 101,000 square feet in Northlake
Midwest Industrial Funds Acquires 101,000 Square Feet in Northlake
June 24, 2014
Midwest Industrial Funds recently purchased a 101,000 SF multi-tenant, distribution and light industrial facility located at 1240-1250 Garnet in Northlake, IL. Midwest purchased the building 100% vacant and are renovating the facility with new offices, new energy efficient lighting, fire sprinkler upgrades as well as roof, exterior building and parking lot improvements. Adam Marshall and Jeff Fischer of NAI Hiffman represented the seller on the transaction and are representing Midwest Industrial Funds on the leasing of the property.
Midwest Industrial Funds views the acquisition as a great opportunity to purchase a functional infill building at an attractive basis substantially below replacement cost that has access to multiple expressways. The property is minutes from O’Hare airport in a top tier central Chicagoland location and will benefit from the future development of the proposed Western O’Hare Access Expressway. The 101,000 SF building was built in the early 1980’s, is divisible into two tenant spaces, has 24’ clear ceilings, 9 docks and 100+ total car parking.