Associated Bank completed a $22.6 million loan to Shorewood Development Group for the acquisition and renovation of a vacant 66,083-square-foot former grocery store at 1160 W. Lake Cook Road in Buffalo Grove, Illinois. The acquisition, at the intersection of Lake Cook and Arlington Heights Roads, also included an outlot site.
The new Chase Plaza project will convert the vacant retail space into a two-tenant, grocery-anchored retail building occupied by Sprouts Farmers Market and Club Studio fitness center. The space has been vacant for years and the renovation will add a new grocer to the area as well as the first Club Studio in the northwest Chicago suburbs
Shorewood Development Group, LLC, is a full-service, tenant-driven, retail developer specializing in quality developments. The company leverages a vast network of relationships in both the real estate and investment community to help real estate partners take challenging growth plans from concept to reality.
Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. This is Associated Bank’s 13th loan to Shorewood Development Group.
