Midwest Industrial Funds recently broke ground on a new 187,522-square-foot industrial building at 2515 S. Chicago Street in Joliet, Illinois. Midwest Industrial Funds acquired the land in 2018 from a private seller. Josh Hearne, SIOR of Cawley Chicago was the sole broker on the land transaction and is marketing the newly constructed building for lease or sale on behalf of Midwest Industrial Funds.
The building is being constructed on a speculative basis and is suitable for a variety of uses including distribution, assembly and manufacturing. The high-image, pre‐cast concrete and glass facility features 32-foot clear ceilings, a rear loading configuration with up to 50 truck docks plus 72 onsite trailer parks, 187 car parking which is expandable and the building is divisible down to approximately 40,000 square feet. The project, which will be completed in the spring of 2020 is Midwest Industrial Funds’ fourth new development project this year with their in‐house construction team performing all design‐build general contractor functions.
“There has been a lot to work through on this project in terms of annexation, entitlements, design and permitting, and we are thrilled to have finally broken ground. We are one of the only options in the Joliet submarket that can divide our building to less than 70,000 square feet,” said Michael Androwich, a principal with Midwest Industrial Funds. “We are already seeing the synergies, efficiencies and cost savings that our integrated in‐house construction and development approach is bringing to each of those projects. We truly believe this approach is a differentiator for our company and will pay dividends for years to come with our valued customers, vendors, brokers and investors.”