Midwest Industrial Funds Announces 275,388 SF Lease at Palatine Corporate Center
OAK BROOK, IL – April 2023 – Midwest Industrial Funds, a vertically integrated national real estate investment company, announced a 275,388 SF, full building lease with S&C Electric Company (“S&C”) at 200 Sellstrom Drive in Palatine, IL, located in their Palatine Corporate Center development.
Palatine Corporate Center is a 25-acre, state-of-the-art, spec industrial redevelopment project comprised of two buildings totaling 428,431 SF. It was the largest spec industrial redevelopment by square footage in the history of the Northwest Cook submarket when the project commenced in 2021. The two-building complex has immediate access to Route IL-53 and the interchanges of I-90 & I-290. This Class-A development features precast concrete and glass construction, high image office entrances, 32’ clear ceiling heights, up to 94 dock doors, above standard car parking, high electrical power capacity and an ESFR fire suppression system.
S&C is a global provider of equipment and services for electric power distribution systems throughout the world and is expanding its Chicago manufacturing footprint to this new location. S&C is committed to manufacturing within the US and specifically in the Chicagoland area, which is home to over 2,000 of its 3,500 global team members, including approximately 200 to be located at the new Palatine Corporate Center facility.
Justin P. Fierz, a Principal with Midwest Industrial Funds stated, “We are very pleased to anchor this high-profile redevelopment with a great tenant like S&C. It really validates the end user vision we had for this exciting project we put under contract just before the start of the pandemic. The leasing fundamentals and rent growth are terrific in the Chicago market, and we continue to attract nearly as many manufacturing tenants as distribution tenants to our recent spec buildings in Chicagoland. This activity underscores the strong onshoring trend for U.S. manufacturing and Chicagoland as one of the largest benefactors given its deep and diverse labor market. We would like to thank the Village of Palatine who has been a great partner on this redevelopment. We look forward to leasing the rest of the project up and finding our next major infill redevelopment in the Chicago market.”
Sam Durkin & Steve Trapp of JLL represented Midwest Industrial Funds on this lease and are marketing the remaining 153,043 SF building in the complex at 150 Sellstrom. Chris Johnke, Sally Macoicz, and Matthew Saddler of Cushman & Wakefield represented S&C Electric Company on the lease transaction. MIF Construction LLC was the design-build general contractor and construction manager for the shell building.