Light industrial building in West Chicago changes hands

In the world of business the purchase of commercial property is only one piece to the puzzle. Just one small mistake during the process can result in expensive consequences. While every real estate transaction has the possibility of being complicated, this is especially true in situations that involve commercial properties.

Recently, a local real estate investment company purchased a property located in West Chicago. The buyer of the property, described as a light industrial building, is Midwest Industrial Funds. Located at 1600 Downs Drive, the property is 9,000-square-foot and is currently 30 percent leased. It is unclear how much Midwest Industrial Funds paid for the property.

The purchaser of the West Chicago building has been active in Chicago commercial real estate since 2001. Midwest Industrial Funds is known for purchasing and then developing properties. Since 2001 it has done so with a total of more than 2.5 million square feet. This particular property is being worked on. In addition to a new roof, renovations and improvements including new lighting and sprinkler systems are currently underway.

In accomplishing the most recent transaction it is certain that there were many matters that needed to be addressed. Typically these include financing, contracts and the closing. In addition, a property such as this one will have matters that will need to be addressed after the completion of the sale.

Because this property has 70 percent available to lease, it is highly likely these types of agreements will be forthcoming as well. In situations such as this one property owners often find that it is imperative to have a lawyer with knowledge of such matters helping out.

Source: REJournals.com, "Midwest Industrial Funds purchases 79,000-square-foot partially leased, multi-tenant building," Nov. 27, 2012

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