CHICAGO--(BUSINESS WIRE)--Inland Bank and Trust (Inland Bank) and Logistics Property Company, LLC (LPC) are pleased to announce the closing of a $10,000,000 construction loan for the development of LPC’s 3711 South Ashland Avenue (Project) logistics center. The Project, situated at the northeast corner of Ashland Avenue and 38th Street in Chicago’s McKinley Park neighborhood, is a 137,992-square-foot class leading speculative logistics building. Chris Metcalf, Senior Vice President – Head of Commercial Lending with Inland Bank, originated the loan.
3711 South Ashland, when completed in late summer 2020, will feature 32-foot clear height, 28 exterior loading docks, two drive-in doors and 138 automobile parking spaces. The building can also be subdivided to accommodate up to three tenants.
“Inland Bank found this to be an attractive opportunity due to the desirable location of the development site, ideally positioned within close proximity to Chicago’s Loop providing easy access to the entire Chicagoland area via I-55 and I-94,” said Metcalf. “Once completed, this highly functional industrial property will offer true one-hour delivery time to downtown Chicago.”
Aaron Martell, Executive Vice President – Midwest Region for LPC, will be managing the Project.
“LPC is thrilled with Inland Bank’s execution,” said Martell. “We’re looking forward to doing more deals with them.”
LPC targets opportunities near large population centers and major transportation hubs. Users benefit from its innovative, thought-leading real estate solutions that reduce the expense of freight, labor, taxes, maintenance, and insurance while providing a balanced and amenity driven work environment.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art logistics properties in key North American markets. The management team of LPC partnered with MIRA Real Estate – part of Macquarie Infrastructure and Real Assets (MIRA) – on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, Los Angeles and Seattle.
For further information, visit logisticspropco.com or @logisticspropco.
About Inland Bank and Trust
Inland Bank and Trust, a subsidiary of Inland Bancorp, Inc., has locations in Chicago, Countryside, Elmhurst, Geneva, Glen Ellyn, Hawthorn Woods, Hillside, Lake Zurich, Lombard, Morton Grove, Villa Park and Wheeling.