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Midwest Industrial buys large suburban warehouse complex for $17M
The Oak Brook-based firm plans to spend nearly as much overhauling the properties
Midwest Industrial Funds bought a 600,000-square-foot industrial complex in suburban Hodgkins for $17 million, its latest acquisition in the booming suburban industrial market.
The Oak Brook-based firm plans to spend another $15 million overhauling the 21-acre, two-building complex at 6600-6620 River Road, according to RE Journals.
The properties are near the intersection of the Stevenson Expressway and the Tri-State Tollway, in the same business park as UPS’s 240-acre CACH facility and BNSF’s 186-acre Hodgkins intermodal yard.
When the renovations are complete, the complex will be named the Hodgkins Center of Commerce.
Broker Walter Murphy of Lee & Associates represented the seller, Brennan Investment Group, and has been retained by Midwest Industrial to market the two buildings. Steve Roth of CBRE secured the construction financing for the project. [RE Journals] — John O’Brien