Byline Bank’s Commercial Real Estate Group closed on $17 million in financing to TradeLane Properties for the acquisition and future capital improvement of two industrial properties at 5750 W. 118th St. and 11700 S. Central Ave. in Alsip, Illinois.
This is the 14th transaction in five years between Byline Bank and TradeLane Properties as the real estate company seeks to acquire well-located industrial assets with a value-add component.
The properties are located in a well-established industrial submarket that benefits from excellent regional connectivity due to proximity to major highways and rail access. 5750 W. 118th St. is a 366,869-square-foot manufacturing facility built between 1996 and 2000 that features exterior dock doors, existing bridge cranes, 480 expandable parking stalls and active multitrack rail service via Indiana Harbor Belt. TradeLane has plans for extensive repositioning of this unique asset, including replacing the roof, paving, exterior and interior painting, landscaping and preparing the office space for lease.
The second property, 11700 S. Central Ave., is an 84,376-square-foot, fully leased front-load distribution center situated on 4.5 acres. The building was constructed in 1990 and features a 4,500-square-foot office space, 15 exterior dock high doors, a drive-in door and 26 auto parking stalls.
“We’re proud to continue supporting TradeLane Properties in their strategic expansion across various Midwestern industrial markets,” said Matt Robertson, Senior Vice President of BCREG at Byline Bank. “This transaction is a testament to the strength of our relationship and our shared commitment to investing in high-potential assets that drive long-term value.”
This deal is part of a larger, national trend of investment in Class B value-add properties in infill markets.
