Midwest Industrial Funds Announces Major 428,000 Infill Redevelopment
Midwest Industrial Funds recently purchased a 25-acre site for redevelopment at 1 Sellstrom Drive, Palatine, IL. The $50 million redevelopment plan calls for two new speculative buildings totaling 428,000 SF which is branded Palatine Corporate Center. The project is located in the Northwest Cook Submarket less than nine miles from O’Hare Airport.
Demolition of the existing three buildings will commence in February with anticipated completion of the new buildings in the fourth quarter of 2021. Both the 275,000 SF and 153,000 SF spec buildings will feature high image precast concrete and glass facades with clerestory windows, 32’ clear ceilings, 60’ speed bays and above standard loading and parking ratios to cater to a multitude of users which will be manufactured by ATMI Precast.
Jones Lang LaSalle represented the seller on the sale and are being retained by Midwest Industrial to lead marketing efforts for the lease up of the two new buildings. Midwest Industrial is developing the property using their integrated in-house development and construction approach with MIF Construction as the design-build general contractor. Harris Architects and Spaceco have each provided design services for the project.
