Chicago & Midwest + Greater Chicagoland + Industrial | April 17, 2020

Midtown Capital Makes First Chicago-Area Industrial Deal

Midtown Capital Partners LLC, based in Miami, has acquired an industrial building at 2300 Pratt Blvd. in Elk Grove Village, IL. The $17.9-million acquisition through Midtown Capital affiliate Pratt Logistics LLC represents the company’s first industrial deal in the Chicago region.

The property is 100% occupied under a long-term lease by Material Sciences Corporation as one of its mission critical facilities. Midtown Capital managed to close the purchase as expected, despite what it calls “the extremely adverse environment caused by the Covid-19 pandemic, including the dysfunctional commercial mortgage markets and the stay-at-home order in the state of Illinois.”

Adam English, Phil DiGennaro and Chelsea Mandel of STREAM Capital Partners represented the seller, a partnership between DRA Advisors and JERA Partners, in the transaction. Midtown Capital Partners was advised in house.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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