Newmark Grubb Knight Frank (NGKF) announced that Adam Marshall, CCIM, recently completed a 50,000-square-foot lease at 1240 Garnet Drive in Northlake, Illinois on behalf of property owner, Midwest Industrial Funds. This recent transaction brings the industrial building’s occupancy to 100%.
The property is a 101,000-square-foot multi-tenant, distribution and light industrial facility. Midwest Industrial Funds purchased the building in 2014 and renovated the facility with new offices, energy efficient lighting, fire sprinkler upgrades, as well as upgrades to the roof, exterior, loading area and parking lot. The property is located minutes from O’Hare airport and offers access to multiple expressways and direct frontage on I-294. Built in the early 1980’s, the building features 24′ clear ceilings, nine docks and ample parking.
The property was vacant at closing and is now fully occupied by two tenants. General Insulation leases the north portion of the property and was previously a tenant in Midwest Industrial’s portfolio. The most recent lease for the remaining half was signed to Mygrant Glass Company, a privately owned auto glass wholesaler with over 60 locations nationwide. Marshall and co-broker, Jeff Fischer, executive vice president of NAI Hiffman, represented Midwest Industrial Funds in the lease negotiations and building acquisition.
“Bringing this building from vacant to full occupancy in less than a year is a testament to the advantages of having a nimble, well capitalized and entrepreneurial ownership group working alongside an experienced brokerage team,” NGKF’s Marshall said. “Midwest Industrial Funds saw the potential in the building and made significant renovations to enhance the property. Jeff and I were able to use our position in the market to quickly lease the entire building long term to quality tenants.”