Midwest Industrial Funds Sells 9.3 Acres

ROSEMONT, IL –  June 2016 – Midwest Industrial Funds recently sold a 9.3 acre development site located at 8500 W. 68th Street in Bedford Park, IL to Penske Truck Leasing for $3,320,000.  Midwest Industrial acquired the site in 2014 and had completed design and engineering work in conjunction with building an 8,000 SF fleet maintenance facility with 150 trailer parks on a speculative basis.

Tim McCahill and Brian Vanosky of Lee & Associates represented Midwest Industrial and Rich Warren, John Suerth and Jason Lev of CBRE represented Penske.

Justin Fierz, a Principal with Midwest Industrial Funds stated, “this was one of the most challenging sites we have acquired and figured out in terms of easement, engineering and construction issues.  However, we were always bullish on this unique and large site located in the heart of the trucking and transportation corridor at basically 294 and I-55.  We were in the middle of our design and engineering work to go spec on our development when Penske approached us through CBRE wanting to buy the site outright.  Our team in conjunction with CBRE was able to structure a deal that was a win/win for all.”  Midwest Industrial Funds is currently looking to acquire or develop over $30 million in additional properties during the second half of 2016.