NAI Hiffman represents buyer, seller in two transactions
OAKBROOK TERRACE -- Midwest Industrial Funds recently purchased a 45,000-square-foot multi-tenant/flex building located at 1600 Shore Drive in Naperville.
The property features 110-plus car parking as well as both dock high and grade level loading. It is currently 75 percent leased to six different tenants and has great access to I-88 at both Eola Road and Route 59. Midwest Industrial has plans to install a new roof, paint and upgrade the building facade, signage and parking lot, perform landscaping enhancements as well as renovating the interior vacant units to make them market ready.
Adam Johnson and John Whitehead of NAI Hiffman represented the seller, a private investor, on the transaction and will be handling leasing on the vacant units for Midwest Industrial.
In a separate transaction, Midwest Industrial Funds recently sold a 50,000-square-foot, two-tenant, modern, precast concrete, property located at 10499 West 164th Place in Orland Park. The property was sold to an affiliate of Robert James Sales who was leasing space in half of the building.
Midwest Industrial acquired this property partially leased in 2015, secured the Cook County Class 6b property tax abatement, caulked and repainted the building facade, performed landscaping enhancements as well as completed upgrades to the interior vacant space to make it market ready. Jack Cozzie and Jim Cummings of NGKF represented Midwest Industrial on the lease and sale and Chris Gary of NAI Hiffman represented Robert James Sales on the transactions.
"We are very pleased with the price we achieved on the sale of the Orland Park property," said Michael Androwich, a principal with Midwest Industrial Funds. "User/investor sales are not that common in today's market and we were happy the brokers were able to put together a win/win deal for all.
"We were equally happy to acquire the Naperville multi-tenant property," Androwich added. "We view that as a bread and butter purchase that we know we can add value on with our hands-on active management, leasing and construction expertise."