Midwest Industrial Funds sells 206,000 square-foot building
Midwest Industrial Funds Sells 206,000 Square-Foot Building
An affiliate of Midwest Industrial Funds recently sold a Class A, 206,000 SF, state of the art distribution center at 700 E. Dayton Road in Ottawa, IL to an affiliate of the Binswanger Companies. The property was originally developed by Midwest Industrial Funds in 2007 as a build-to-suit for Clover Technologies, a global leader in the recycling and remanufacturing of consumable imaging supplies and continues to be leased by Clover today.
The precast concrete and glass building sits on a 19 acre parcel and featured 100,000 SF+ of future expansion, 30’ clear ceilings, 28 exterior docks, ESFR fire suppression, a fenced and secured truck and trailer court area, approximately 3% office finish and 120 car parking expandable to 483. Mike Caprile, Ted Staszak, Stephanie Park and Clare Liston at CBRE represented Midwest Industrial Funds in the property disposition.
Justin Fierz, a Principal with Midwest Industrial Funds and Lee & Associates stated, “We thought the timing was right in 2013 to market and sell this asset because of the strong demand and lack of supply for Class A, fully leased buildings and because of the low interest rate environment. It was tough to sell such a quality building, with a quality tenant that had been a mainstay in our growing portfolio over the years. However, at the end of the day we are pleased with the pricing we achieved. We are already redeploying the sale proceeds into other acquisition opportunities.”