Midwest Industrial Funds Announces 157,000 SF of Recent Northwest Suburban Transactions
Midwest Industrial Funds Announces 157,000 SF of Recent Northwest Suburban Transactions
Oak Brook, IL – May 2017 – Midwest Industrial Funds recently purchased a 71,000 SF industrial building located at 12007 Smith Drive in Huntley, IL. The property features 22’ ceilings, 8 exterior docks, 60+ car parking and is on a large site with an additional 3 acres that can be developed separately or used for building, trailer parking or car parking. The facility is currently fully leased to one tenant who uses the property for warehousing and light manufacturing. The property is well located near I-90 within the North Kane/South McHenry Submarket which has experienced rapid industrial, commercial and residential growth in recent years. Midwest Industrial plans to improve the exterior façade, install new windows, perform landscaping enhancements and eventually perform market ready interior improvements to reposition the property in the marketplace. Dan Tobin of CTK Chicago Partners represented Midwest Industrial and Michael Magliano of Cushman and Wakefield represented the seller a private investor on the transaction.
In a separate and unrelated transaction, Midwest Industrial Funds recently sold a renovated 76,000 SF building at 640 Industrial, Cary, IL. The property was sold to an affiliate of Illinois Lift Equipment who is expanding and moving their operation from West Chicago, IL. Midwest Industrial acquired this property vacant in 2015 and completely repositioned and modernized the property to make it market ready by demolishing over 60,000 SF of two story office and warehouse mezzanine space, designing and building a new custom exterior entrance, painting of the entire exterior, improving drainage as well as installing new larger dock doors, new energy efficient windows, HVAC, lighting and landscaping enhancements. The team of Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial Realty represented Midwest Industrial on the sale and Steve Morken of Morken and Associates represented Illinois Lift Equipment on the transaction.