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CHICAGO, January 30, 2018 – JLL's Industrial experts today announced the firm completed the sale of 800 N. Church Street in Lake Zurich, Illinois. An affiliated entity of Midwest Industrial Funds (MIF) purchased the fully leased 117,000 square-foot industrial facility from a private investor.
The deal comes just months after MIF announced the company raised a new real estate investment fund, MIF Value Fund II LP, to purchase over $150 million worth of industrial properties over the next few years. The new fund targets 50,000 square-foot and larger single, multi-tenant, value-add and stabilized industrial properties, primarily in the greater Chicagoland markets including Southeast Wisconsin and Northwest Indiana.
JLL's Steve Trapp, Senior Vice President, and Steve Steinmeyer, Senior Managing Director, represented MIF in the transaction. Nick Panarese, Vice President, Van Vlissingen and Co. represented the seller.
"Given the building's versatile features, it can work well for both distribution and manufacturing type uses," said Trapp. "Couple that with the mature, high end business park setting as well as the access to Lake County's outstanding labor pool and this facility should prove to be an excellent long-term investment for Midwest Industrial."
The modern industrial facility is on an oversized 9.9 acre site and features 24' clear ceilings, 6,000 amps of power, 275+ car parking, high intensity T-8 warehouse lighting, fully air conditioned warehouse space and eight docks. The property also includes nearly 19,000 square feet of office space and has extra land for potential building or parking expansion.
About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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