Midwest Industrial Funds buys multi-tenant buildings

February 25, 2014 | Credit: Staff Writer Chicago Industrial Properties

Midwest Industrial Funds recently purchased 182,000 SF of multi-tenant buildings.  The first was a two building portfolio that was 90% leased to three tenants located at 1355 W. McLean and 1485-1495 Davis Road in Elgin, IL.  Vern Schultz and Brian Kling of Colliers International represented the seller.   The second property was a 95,000 SF, two-tenant building located at 17005-17045 S. Wallace in South Holland, IL that was fully leased at closing.  Walter Murphy of Lee & Associates represented the seller on the transaction.

Michael Androwich, a Principal with Midwest Industrial Funds and Lee & Associates stated, “We are very pleased to add these three buildings to our growing portfolio.  They are quality masonry and precast concrete buildings with solid tenancy and cash flow in place at closing.  We were fortunate to be able to buy them at an attractive basis which will allow us to renovate and perform improvements and building upgrades over time.”