Midwest Industrial Funds buys, leases Elgin building

ELGIN - An affiliate of Midwest Industrial Funds recently purchased a vacant 246,000 square foot building on 22 acres at 1600 Fleetwood in Elgin.

Terms of the acquisition were not announced.

The property is a headquarters type facility featuring 26-foot clear ceilings, 10 docks, heavy power, 22,000 square feet of two story office and extra land for heavy parking or outside storage requirements.

Midwest Industrial was able to secure a flexible long term lease with Stamar Packaging for approximately 187,000 square feet to relocate their Addison headquarters and warehouse. Midwest Industrial will be completing many renovations and upgrades to the facility in 2016 including a new roof system, exterior facade, parking and loading area improvements, landscaping as well as office and warehouse improvements.

Frank Griffin and Dominick Carbonari of JLL were the brokers involved in the sale on behalf of the seller, a division of Philips Lighting.

Michael Androwich Jr. of Lee & Associates represented Stamar Packaging on the lease transaction. They will be using the premises for the storage of corrugated products and packaging materials.