Midwest Industrial Funds recently completed a 118,000-square-foot lease extension and building expansion at 1200 Technology, Libertyville, Illinois. The existing 84,000-square-foot building and a new 34,000-square-foot addition were leased long term to MBX Systems who currently uses the property to house its headquarters, high tech production and distribution operations. MBX has been a tenant at the property since 2012.
The state of the art, precast concrete wall addition features 28-foot clear ceilings, energy efficient LED lighting, two additional loading docks and one grade level door. Hugh Williams at MK Asset Brokerage and John Hauser at Avison Young represented MBX systems on the lease transaction. Midwest Industrial Funds is also the design-build general contractor and construction manager for the building addition.
In separate and unrelated transactions, Midwest Industrial Funds also completed over 435,000 square feet of new leases and lease extensions within their growing portfolio since mid-year in Northlake, Batavia, Downers Grove, South Holland and Huntley, Illinois.
“It has been a very busy last few months on the portfolio leasing side for us renewing several existing tenants and securing new tenants at some of our vacancies. We are especially thrilled to be expanding our relationship with MBX and retaining them in our portfolio,” said Justin Fierz, a principal with Midwest Industrial Funds. “A cornerstone of our company is to have great relationships with our tenants. Getting this unique deal done with MBX included a complex, open-book, transaction structure on the building addition along with a major replacement of 200+ tons of air conditioning units that cool their production area is a testament to that tenant relationship. We continue to see the synergies and efficiencies being brought to our firm and our tenants by integrating in-house design-build general contracting services into our platform. I don’t think we could have pulled off this major lease and the tight occupancy timeframe on the new construction addition without the expertise of our in-house construction and management teams.”