Associated Bank has completed a $19,128,787 loan to Logistics Property Company (LPC) for the construction of Brewster Creek Logistics Park in Bartlett, Illinois. The project will include the development of two Class A distribution facilities totaling 414,000 square feet.
“We’re excited for the opportunity to work with the experienced team at LPC and help them expand in Chicago and other markets throughout the country,” said Andy Roberts, a senior vice president with Associated Bank’s commercial real estate team who handled the loan arrangements and closing.
The facilities will be located on the northeast corner of Stearns and Munger Roads at the entrance to the 670-acre, mixed-use Brewster Creek Business Park. Formerly a gravel quarry, the Village of Bartlett partnered with Elmhurst-Chicago Stone Company in 1999 to redevelop the quarry site into one of the premier business parks in the Chicago area.
“Associated Bank’s consummate professionalism and flexibility made them an ideal financial partner for this project,” said LPC’s chief financial officer, Mark Skinner. “We trust this will be the beginning of a long, mutually beneficial business relationship for our respective teams both in the Midwest and beyond.”
LPC focuses on the acquisition, development and management of state-of-the-art logistics properties throughout the country. It 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 with office openings slated for Philadelphia and Miami.