Midwest Industrial Acquires Warehouse, Plans Renovation
- May 25, 2017
Midwest Industrial Funds is the new owner of a 71,000-square-foot industrial facility in Huntley, Ill., approximately 50 miles from Chicago. Michael Magliano, associate director with Cushman & Wakefield closed the transaction on behalf of the seller, a private investor, while Dan Tobin, principal with CTK Chicago Partners, represented the buyer. The property was sold for an undisclosed price.
Located at 12007 Smith Drive, the building features 22-foot ceiling heights, eight exterior docks and a 60-vehicle parking lot. The property is currently fully leased by a single tenant, who uses it for storage and light manufacturing purposes. The lot encompasses an additional 3-acre site, which can be developed separately or used for expanding the existing facility. Midwest plans to upgrade the façade, install new windows, perform landscaping enhancements and some interior improvements.
The warehouse is close to Interstate 90 and the growing North Kane/South McHenry submarket.
Image via Google Street View