JLL has completed the sale of 800 N. Church Street in Lake Zurich, IL. An affiliated entity of Midwest Industrial Funds (MIF) purchased the fully leased, 117,000-square-foot industrial facility from a private investor.
The deal comes just months after MIF announced that the company had raised a new real estate investment fund, MIF Value Fund II LP, to purchase over $150 million worth of industrial properties over the next few years. The new fund targets 50,000-square-foot and larger single- and multi-tenant, value-add and stabilized industrial properties, primarily in the greater Chicagoland markets including southeast Wisconsin and northwest Indiana.
JLL’s Steve Trapp, senior vice president, and Steve Steinmeyer, senior managing director, represented MIF in the transaction. Nick Panarese, vice president of Van Vlissingen and Co. represented the seller.
“Given the building’s versatile features, it can work well for both distribution and manufacturing type uses,” said Trapp. “Couple that with the mature, high-end business park setting, as well as the access to Lake County’s outstanding labor pool, and this facility should prove to be an excellent long-term investment for Midwest Industrial.”
The modern industrial facility is on an oversized 9.9-acre site and features 24-foot clear ceilings, 6,000 amps of power, 275+ car parking, high intensity T-8 warehouse lighting, fully air conditioned warehouse space and eight docks. The property also includes nearly 19,000 square feet of office space and has extra land for potential building or parking expansion.
