A Midwest Industrial Funds-affiliated entity has purchased a vacant 246,000-square-foot building located on 22 acres at 1600 Fleetwood, in Elgin, Illinois.
The facility has ample space for a headquarters, featuring 26′ clear ceilings, 10 docks, heavy power, 22,000 square feet of two-story office, and extra land for heavy parking or outside storage requirements.
Midwest Industrial secured a flexible long-term lease with Stamar Packaging for approximately 187,000 square feet to relocate their Addison headquarters and warehouse. Midwest Industrial plans for many renovations and upgrades to the facility in 2016– a new roof system, exterior façade, parking and loading area improvements, landscaping as well as office and warehouse improvements.
Frank Griffin and Dominick Carbonari of JLL were the brokers involved in the sale on behalf of the seller, a division of Philips Lighting. The firm is now marketing roughly six acres of remaining development parcel, west of the building, that can accommodate approximately 110,000 square feet.
Stamar Packaging, represented by Michael Androwich Jr. of Lee & Associates, will be using the premises for the storage of corrugated products and packaging materials.