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Midwest Industrial, PCCP Plan Spec Project in Palatine
Midwest Industrial Funds and its joint venture partner, PCCP, recently purchased a 25-acre site for redevelopment at 150-200 Sellstrom Dr. in Palatine, IL. The $50-million redevelopment plan calls for two new speculative buildings totaling 428,000 square feet and will be branded as the Palatine Corporate Center. Once complete, it will be the largest industrial redevelopment project in Palatine’s history, says Midwest Industrial.
Demolition of the existing three buildings will commence in February, with an anticipated completion of the new buildings in the fourth quarter of this year. When completed, the buildings will span 275,000 square feet and 153,000 square feet.
JLL’s Steve Trapp and Sam Durkin represented the seller and are being retained by Midwest Industrial to lead marketing efforts to lease-up the two new buildings. Midwest Industrial is developing the property using its integrated in-house development and construction approach with MIF Construction LLC as the design-build general contractor.
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- ◦Development
