Midwest Industrial Funds, PCCP to Develop $50M Industrial Project in Palatine, Illinois

PALATINE, ILL. — Midwest Industrial Funds (MIF) and its joint venture partner PCCP have purchased a 25-acre site on Sellstrom Drive in Palatine, a northwestern suburb of Chicago. The developers are building a $50 million speculative industrial project spanning two buildings and 428,000 square feet. It will be branded as Palatine Corporate Center. Demolition of three existing buildings at the site will commence in February. Completion of the new buildings is slated for the fourth quarter of this year. Steve Trapp and Sam Durkin of JLL represented the undisclosed seller. The duo has also been retained by MIF to market the new buildings for lease. MIF’s in-house construction arm, MIF Construction LLC, will serve as the general contractor. Harris Architects and Spaceco provided design services for the project.