Associated Bank has provided more than $2 million in acquisition and permanent financing to a Syndicated Equities-sponsored entity to acquire the newly completed, fully occupied 6,800-square-foot retail center located at the intersection of Ogden Avenue and Naperville-Wheaton Road in Naperville.
The property is 100 percent leased to Starbucks and FEDEX Office & Print Services. Both new leases represent relocations from within the Naperville market to this location, the benefits of which include a signalized intersection, ample parking and a drive-up window lane for Starbucks.
Syndicated Equities, based in Chicago, is a national real estate investment company that owns, operates and manages property on behalf of its investors. The firm has assisted numerous 1031 exchange investors find suitable replacement property, including more than 1,000 net leased properties similar to the subject.
Senior Vice President Rosemary Kehr, from the commercial real estate division of Associated Bank in Chicago, originated the loan and managed the loan closing.