Midwest Industrial Funds Announces Major 428,000 SF Infill Redevelopment
Midwest Industrial Funds Announces Major 428,000 SF Infill Redevelopment
OAK BROOK, IL – January 2021 – Midwest Industrial Funds recently purchased a 25-acre site for redevelopment at 1 Sellstrom Drive, Palatine, IL. The $50 million redevelopment plan calls for two new speculative buildings totaling 428,000 SF which is branded Palatine Corporate Center. The project is located in the Northwest Cook Submarket less than 9 miles from O’Hare airport. The submarket is comprised of high-end manufacturers, corporate headquarters and service-oriented companies that take advantage of one of the strongest and most diverse labor pools in all of Chicagoland. Palatine Corporate Center has immediate expressway access to two interchanges just north of I-90 and Rt. 53 along with multiple Metra commuter rail stops in the immediate vicinity. The area also boasts an abundance of retail, restaurant and hospitality destinations which provides users and tenants with attractive amenity options.
Demolition of the existing three buildings will commence in February with anticipated completion of the new buildings in the 4th quarter of 2021. Both the 275,000 SF and 153,000 SF spec buildings will feature high image precast concrete and glass façades with clerestory windows, 32’ clear ceilings, 60’ speed bays and above standard loading and parking ratios to cater to a multitude of users.
Steve Trapp and Sam Durkin of JLL represented the seller on the sale and are being retained by Midwest Industrial to lead marketing efforts for the lease up of the two new buildings. Midwest Industrial is developing the property using their integrated in-house development and construction approach with MIF Construction LLC as the design-build general contractor. Harris Architects and Spaceco have each provided design services for the project.
Justin Fierz, Principal of Midwest Industrial Funds stated, “We couldn’t be more excited to close on this unique opportunity and site. There is no other location like this in close proximity to O’Hare, and less than 4 miles from the intersection of I-90 and Rt. 53, that can deliver 428,000 SF of class A space during 2021. We really feel like it is the best located northwest suburban infill site from a transportation, amenity and labor standpoint. We are thankful for all the hard work our project team put in over the last several months to secure our entitlements on this complex project, and we are very happy to close this deal at the same contract price we negotiated pre-pandemic. We can’t wait to turn our development vision into reality.”