Inland Bank and Trust and Logistics Property Company (LPC) have closed on a $10 million construction loan for the development of LPC’s 3711 S. Ashland Avenue logistics center. The project is situated at the northeast corner of Ashland Avenue and 38th Street in Chicago’s McKinley Park neighborhood, which LPC acquired last January, and will culminate in a 137,992-square-foot speculative logistics building.
“Inland Bank found this to be an attractive opportunity due to the desirable location of the development site, ideally positioned within close proximity to Chicago’s Loop providing easy access to the entire Chicagoland area via I-55 and I-94,” said Chris Metcalf, senior vice president – head of commercial lending with Inland Bank, who originated the loan. “Once completed, this highly functional industrial property will offer true one-hour delivery time to downtown Chicago.”
When completed in late summer 2020, 3711 S. Ashland will feature 32-foot clear height, 28 exterior loading docks, two drive-in doors and 138 automobile parking spaces. The building can also be subdivided to accommodate up to three tenants. The project is located in a large infill site in a supply-constrained market and is in close proximity to three CTA stops, two on the Orange Line and one on the Red Line. The strong availability of public transportation provides local labor easy and convenient access to the site.
“LPC is thrilled with Inland Bank’s execution,” said Aaron Martell, executive vice president – Midwest region for LPC, who will manage the project. “We’re looking forward to doing more deals with them.”