Midwest Industrial Funds Announces 148,500 SF Infill Redevelopment
OAK BROOK, IL — March 2021 – Midwest Industrial Funds recently purchased an 8-acre infill site for redevelopment at 2001 Cornell, Melrose Park, IL. The nearly $20 million redevelopment plan calls for the demolition of the existing 150,000 SF building and replacing it with a new, state-of-the-art, 148,500 SF building. The project is located in the West Cook Submarket and is 6 miles to O’Hare airport entrance and 12 miles to the Chicago CBD. The submarket is comprised of manufacturers, corporate headquarters, logistics, and service-oriented companies that take advantage of the strong and diverse labor pool and incredible transportation network.
The 148,500 SF new building will be divisible and will feature high image precast concrete and glass facades along with clerestory windows, 32’ clear ceilings, 60’ speed bays, 40+ truck docks or onsite trailer positions, as well as above standard parking ratios to cater to a multitude of users.
Al Caruana of Cushman & Wakefield represented the seller on the sale. Ryan Klink of Cushman & Wakefield represented Midwest Industrial Funds on the acquisition and will lead marketing efforts for the lease up of the new building. Midwest Industrial Funds is developing the property using their in-tegrated in-house development and construction approach with MIF Construction LLC as the de-sign-build general contractor. Harris Architects and Spaceco have each provided design services for the project.
Michael J. Androwich, a Principal of Midwest Industrial stated, “We are thrilled to have closed on this great infill redevelopment site and to add it to our growing development pipeline. The existing build-ing has several tenants with staggering lease expirations which is problematic for most developers, but the flexibility of our company and our capital allows us to undertake a project of this nature. We look forward to working with the city and our project team to execute our redevelopment vision in the months to come.”