Midwest Industrial Funds Breaks Ground on 334,229 SF Business Park Redevelopment
Pictured: Mayor of Libertyville, Village Officials and MIF Founding Principals
OAK BROOK, IL – November 2023 – Midwest Industrial Funds hosted a groundbreaking event on Wednesday, November 1st, with their project team and local government officials to launch their latest high-profile, Class A spec redevelopment – Libertyville 45 Corporate Center which is located at 1850 US 45, Libertyville, IL adjacent to the Libertyville/Canlan Sports Complex. Situated on a high-visibility 19-acre site, the two-building redevelopment consists of 169,065 SF and 165,234 SF buildings which are being constructed on a speculative basis and are suitable for a multitude of uses including corporate headquarters, distribution, assembly and manufacturing. The high-image pre-cast concrete and glass facilities feature 32’ clear ceiling height, up to 24 dock positions per building, above-standard 372 car parking and up to 4,000 amps of power per building. The buildings are divisible and will be shell complete in Summer 2024. The site was previously a driving range and miniature golf facility owned and operated by the Village of Libertyville.
MIF Construction LLC is the design-build general contractor for the project with Pinnacle Engineering and Partners in Design providing engineering and design services. The Cushman & Wakefield team of Keith Puritz, Brett Kroner, Eric Fischer, and Marc Samuels are marketing the buildings for lease or sale on behalf of Midwest Industrial Funds.
Justin Fierz, Principal with Midwest Industrial Funds stated, “We are very excited to launch this unique project given the historically low submarket vacancy, supply constraints and continued strong demand for buildings in this size range in Lake County. Our property offers incredible exposure, visibility and a very high image feel. It is situated in the heart of Libertyville’s industrial market which is home to some very high-profile and large companies. This project has been a true public/private partnership with the village over the last few years to work through many complex development issues all to bring us to today where we have officially broken ground. It is a very challenging time to develop and finance projects like this, and we couldn’t be more proud of our whole team to get it done. We feel great about the timing of this project in the marketplace and our strong pre-leasing activity.”
Libertyville Mayor Donna Johnson spoke at the groundbreaking event as well and stated, “I am thrilled to stand here today with MIF and our Village officials to celebrate Libertyville 45 Corporate Center. Given the project quality, it’s adjacency to recognized industrial, biopharma, finance and corporate operations, and the skilled labor force in proximity, this development is lined up to find success in occupancy. We look forward to this expansion of our business base.”
Steve Madden, CEO of Libertyville Bank & Trust Company, N.A., and Chair of the Lake County Partners Board of Governors, echoed this enthusiasm. “Libertyville sits at the crossroads of critical transportation infrastructure, and this site is at the center of our world-class talent pool. The project is an excellent example of the public-private collaboration for which Lake County is known, and we are eager to help new employers tap into all that our community offers.”