(Miami, FL – April 9, 2020) Midtown Capital Partners LLC, a Miami-based real estate investment and asset management firm with over $700 million under management, announces the company has acquired, through its affiliate Pratt Logistics LLC, an industrial building in Elk Grove Village, Illinois, located at 2300 Pratt Boulevard for a purchase price of $17.935 million.

The one-story building, located in the prominent industrial O’Hare airport submarket in Chicago MSA, consists of 11.72 acres of land and 209,548 square feet of industrial and office space with 30’ clear height and rail access.

This industrial building is 100% occupied under a long-term lease by Material Sciences Corporation as one of its mission critical facilities. Founded in 1951 with over 45 years of history at the subject property, the tenant is a leading technology provider of metal solutions for acoustical, light-weighting and coil coated applications to diverse end markets across the globe.

Midtown Capital Partners managed to close the purchase as expected, despite 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. Principals at Midtown Capital Partners highlighted they are looking to actively pursue additional investment opportunities in South Florida and other select national markets in the following months.

This transaction is the second industrial acquisition in the past nine months, after successfully acquiring the Hydraulic Supply headquarters in Sunrise, Florida. Midtown Capital Partners has deployed around $130 million in Florida and Illinois over the past 18 months, acquiring industrial, office and retail, institutional-quality assets.

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.

About Midtown Capital Partners

Founded in 2010 and headquartered in Miami, FL, Midtown Capital Partners is a real estate asset management and investment platform with a management team with over 60 years of combined experience. The company currently manages more than $700 million in real estate investments, offering investors tailor-made structures and strategies across the four major asset types.