Midwest Industrial Sells Part of Portfolio for $21 Million
Midwest Industrial sells part of portfolio for $21 million
Credit: RE Journals
Midwest Industrial Funds recently closed on the sale of the first phase of a three‐building, $21 million sale to Plymouth Industrial REIT. The first phase included over 280,000 square feet of fully leased properties at 1600 Fleetwood in Elgin, Illinois and 3 W. College Drive in Arlington Heights, Illinois. 1600 Fleetwood was leased long term to Stamar Packaging, a leading distributer of packaging, shipping and industrial supplies, and 3 W. College was leased to Arrows‐Up, an affiliate of Denver-based Omnitrax, who provides containerized bins for the blending of sand/silica used in the oil and fracking industries.
Both properties were 100 perecent vacant when Midwest Industrial originally acquired them. The Oakbrook, Illinois-based firm extensively renovated the properties over the last few years in order to make them highly functional for their respective submarkets and attractive to strong tenants. Renovation work included new roofs, HVAC, parking lots, façade upgrades, new offices, warehouse improvements and landscaping enhancements.
Mike Caprile and his CBRE national partners investment team represented Midwest Industrial on the sale. Michael Androwich, Jr. of Lee & Associates and Joe Bronson of NAI Hiffman were the local leasing specialists on 1600 Fleetwood and 3 W. College, respectively, who helped facilitate the sale with CBRE and Midwest Industrial.
“We are extremely pleased with the value we were able to create at these properties,” said Justin P. Fierz, a Principal with Midwest Industrial. “There was a tremendous amount of work and expertise from our whole MIF team and nearly 50 different outside vendors and specialists that went into the strategic improvements we completed at these properties over the years. And then to culminate the sale with a great buyer like Plymouth, and the terrific job our whole transaction team did, it was truly a win/win for all parties involved. We have multiple acquisition and development projects under agreement and we look forward to redeploying this capital in 2018.”