Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Sector
    • CRE
    • Education
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Events
  • Real Estate Awards
  • Subscribe
  • Publications
IllinoisFinanceIndustrial

Super-regional distribution facility acquisition financed

February 16, 2021
Share on Facebook Share on Twitter Share on LinkedIn Share via email

JLL’s capital markets team arranged in acquisition financing for a 2-million-square-foot, super-regional distribution facility fully occupied by Michelin North America along Chicago’s I-55 Industrial corridor.

JLL worked on behalf of the borrower, Phoenix-based Silver Creek Development, to place the seven-year, fixed-rate loan with Pacific Life Insurance Company. Silver Creek Development, which also has offices in Los Angles and New York City, is currently looking to grow its national footprint.

Originally constructed in 2015 as a build-to-suit for Michelin, the facility was expanded in 2016. The state-of-the-art facility is one of two super regional Michelin-leased facilities in the country, and it holds the inventory serving five business lines. Institutional-quality features include a front-loading configuration, concrete tilt-wall construction, a 32-foot clear height, 126 dock-high doors, four drive-in doors, DUCTILECRETE warehouse floors and truck courts, substantial trailer parking spaces, ESFR fire protection system, LED lighting and low office finish.

Situated on 91.13 acres at 29900 S. Graakamp Boulevard in Wilmington, Illinois, the facility is at the geographic center of the United States, allowing Michelin to serve the entire Midwest and western markets, including Detroit-based auto manufacturers. It is within the master-planned Ridgeport Logistics Center and I-80 corridor industrial submarket at the intersection of Interstates 55 and 80. Additionally, the location is proximate to six Class I railroads.

JLL Research’s 2021 Midwest Industrial Outlook report details how Midwest industrial demand and investment is surging. JLL Research forecasts that more than one billion square feet of additional warehouse product will be needed across the country to accommodate e-commerce demand.

The JLL capital markets debt placement team representing the borrower was led by managing director Matthew Schoenfeldt and director Eliott Zeitoune.

“Hats off to the gentlemen at Silver Creek,” Zeitoune said. “Their long-term view and tireless pursuit allowed them to make what will prove to be a great investment in an exceptional asset.”

“Each large financing with a level of intricacy requires a nimble and steadfast lending partner,” Schoenfeldt said. “Pacific Life was absolutely fantastic from application to closing.”

Tags
JLLPacific Life Insurance CompanySilver Creek DevelopmentWilmington
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IndianaRetail

Marcus & Millicahp closes sale of 26-until retail property in Indiana

July 8, 2025
IllinoisCRE

Revised plans unveiled for Hawthorn Woods Town Center development

July 8, 2025
MichiganIndustrial

Friedman Real Estate closes sale of 28,640-square-foot industrial property in Farmington Hills

July 8, 2025
IllinoisIndustrial

Weiss Realty announces power-ready 138-acre site in Decatur

July 8, 2025

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Education
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Events
  • Office Locations
  • Advertise
  • Terms and Conditions
  • Contact
© 2025 REjournals.com