Midwest Industrial Funds in Oak Brook recently sold an 84,000-square-foot industrial building located in the Stockyards Business Park at 4300 S. Morgan, Chicago.
The property was sold to an affiliate of WP Carey who had a long-term lease agreement in place at closing with Griffith Foods. No other information was available.
The food production building can accommodate future expansion on its 9-acre site. The team of Brian Vanosky, Tom Condon and Tim McCahill of Lee & Associates represented Midwest Industrial Funds on both the acquisition of this property in 2015 and the recent sale. Scott Duerkop, Jason Volpe and Sean Devaney of JLL represented the buyer and Griffith Foods on the transaction.
In separate and unrelated transactions, Midwest Industrial Funds recently completed a 106,000-square-foot long-term lease with CTS Corp. at 4925 S. Indiana in Lisle. The property was acquired by Midwest Industrial in early 2016 and is being renovated for CTS. Scott Goldman and Josh Feldman at Cushman & Wakefield represented CTS. Midwest Industrial also completed a 60,000-square-foot long-term lease expansion with Stamar Packaging at their 1600 Fleetwood, Elgin, location, which brings the 247,000 square-foot building to 100 percent leased. Mike Androwich Jr. at Lee & Associates represented Stamar on the lease expansion transaction.
"We are very pleased with the value we were able to create on these major transactions and the other 25+ leases we completed in 2017," stated Michael J. Androwich Sr., a principal with Midwest Industrial. "It has been a very busy but rewarding year with our growing company, and we'd like to thank all of the brokers we worked with on 2017 transactions. We also raised the capital for a new fund that will allow us to acquire $125 million worth of properties. We look forward to deploying that capital in 2018 and already have multiple properties under agreement."