Midwest Industrial Funds purchases 79,000-square-foot partially leased, multi-tenant building
Midwest Industrial Funds Purchases 79,000 Square-Foot Partially Leased, Multi-Tenant Building
November 27, 2012 | Credit: Midwest Real Estate News
Justin Fierz and Mike Androwich, both principals of Lee & Associates of Illinois LLC, represented Midwest Industrial Funds on its purchase of a 79,000-square-foot partially leased, multi-tenant light industrial building located at 1600 Downs Drive in West Chicago.
Foresite Realty Partners represented the seller on the transaction. The property is currently 30 percent leased and is undergoing a substantial renovation. A new roof, new parking lot and new concrete aprons are already complete, and work on the new sprinkler system, new lighting (interior and exterior) as well as newly renovated office/warehouse units has commenced.
Nick Eboli and Androwich of Lee & Associates are the leasing brokers for Midwest Industrial Funds and they are targeting 5,000- to 30,000-square-foot tenants. Midwest Industrial Funds is a Chicago area based real estate investment company that has acquired and developed more than 2.5 million square feet in the Chicago industrial market since 2001.