Inland Bank and Trust (“Inland Bank”) is pleased to announce the closing of a $2,400,000 acquisition loan to purchase a mixed-use, multi-tenant retail and office building in Lake County, Illinois. Gia Tomaszewski, vice president – commercial real estate with Inland Bank, originated the loan.
At the time of closing, the mixed-use property was 100 percent leased by five tenants, including a cannabis tenant. The purchaser is an established private investor seeking to expand their commercial real estate footprint into the thriving $1 billion cannabis industry.
“Inland Bank is pleased to partner with a prominent Chicagoland real estate investor in an emerging cannabis real estate market,” said Tomaszewski. “This transaction positions us to be a long-term partner with our client as they continue to build their diversified portfolio with high-quality cannabis operators as a tenant.”
According to the Illinois Department of Financial and Professional Regulation, there are currently 110 cannabis dispensaries throughout the state of Illinois, six of which are in Lake County. The Lake County Board approved an ordinance for adult-use cannabis businesses in unincorporated Lake County earlier this year.