Associated Bank closed a $11.734 million construction loan for GTZ Properties for the development of a four-building, multi-tenant shopping center on a vacant parcel at 1300 Half Day Road in Bannockburn, Illinois.
The 23,864-square-foot multi-tenant, grocery-shadow-anchored shopping center is being developed on a 5.27-acre corner lot at the busy intersection of Waukegan and Half Day Roads. The project is adjacent to a Mariano’s grocery store and across the street from a Heinen’s grocery store.
The project is 93-percent pre-leased with only one space remaining. Signed leases include: Wells Fargo Bank, Chipotle Mexican Grill, Heart Certified Auto Care, Just Salad and a nail salon. The Gardner School is purchasing a parcel to develop the fifth building on the property as an early-childhood education center. The shopping center’s completion is scheduled for the summer of 2026.
GTZ Properties is a Chicago based, full service commercial real estate development and investment company specializing in retail related properties nationwide. Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division, handled the loan arrangements and closing. This is Associated Bank’s 16th financing collaboration with Mitch Goltz, principal of GTZ Properties.
