Midwest Industrial Funds Announces Full Occupancy at Joliet Spec Building
OAK BROOK, IL – November 2022 – Midwest Industrial Funds, a vertically integrated national real estate investment company, announced achieving 100% occupancy at its 187,522 SF warehouse at 101 Dollar Tree Lane in Joliet, IL. This state-of-the-art industrial development is located on 14.26 acres in Will County with convenient access to the interchange of I-80 and Route 53. This Class-A facility features precast concrete with glass construction, high image office entrances, 32’ clear ceiling heights, up to 50 dock doors, 72 off-dock trailer positions and an ESFR fire suppression system.
Midwest Industrial completed long-term leases with Arrowpak Inc. and Allied Valve Inc. to fully stabilize the development. Arrowpak, a leading freight forwarder offering service between continental U.S. and the Caribbean Islands for a long list of Fortune 100 companies, will utilize 89,100 SF of the building for its growing distribution operation. Allied Valve is an industry leader in valve sales, service, and distribution throughout the U.S. Allied is consolidating multiple different operations into Dollar Tree Lane and will occupy 98,422 SF as their U.S. headquarters.
“The success of this project demonstrates our vision and ability to develop a building to fill a market void – in this case, leasing to two tenants, each less than 100,000 SF, in a traditional big box submarket where the average lease is approximately 330,000 SF over the past four years,” stated Justin Fierz, Principal of Midwest Industrial Funds.
Joshua Hearne and Reinier Pranger of Cawley Chicago sourced the land acquisition and represented Midwest Industrial Funds on both leases. Jason West of Cushman & Wakefield represented Arrowpak and John Basile of NAI Hiffman represented Allied Valve on the lease transactions. MIF Construction LLC was the design-build general contractor and construction manager for the shell building and tenant improvement work which featured 14,100 SF of class A office buildout, additional dock equipment, material handling system integrations and energy efficient LED lighting.