Midwest Industrial Funds recently purchased an 84,000-square-foot corporate headquarters, assembly and hi-tech manufacturing building located at 1200 Technology Way, Libertyville.
The property is fully leased on a long-term basis to MBX Systems, which is a designer and manufacturer of server appliances and optimized systems for application developers and service providers.
MBX completed a substantial renovation of the building including new office, engineering and R & D build-out as well as new lighting, power distribution and other warehouse improvements after signing a lease in 2012. The building was previously occupied for more than 25 years by Motorola. Joe Bronson and Jeff Fischer of NAI Hiffman represented the seller on the transaction.
Midwest Industrial Funds views the acquisition as an opportunity to purchase a quality building in the Lake County submarket at an attractive basis substantially below replacement cost. The 84,000-square-foot building is expandable and is on more than 8 acres with 375 car parking, is fully air conditioned and has more than 5,000 amps of power.