Logistics Property Co. Receives $150M Construction Loan for Multi-Story Warehouse in Chicago
CHICAGO — Logistics Property Co. (LPC) has received a $150 million loan for the construction of a multi-story warehouse at 1237 W. Division St. in Chicago. The project will span 1.2 million square feet of logistics space across two floors. Plans call for both rooftop parking and an adjacent five-story parking garage.
The development will include direct loading on both the first and second floors, each with a 135-foot truck court. The first floor will feature a clear height of 36 feet, 28 dock doors and two drive-in doors. The second floor, which will be accessible by 53-foot tractor trailers via separate up and down ramps, will feature a clear height of 33 feet, 28 dock doors and two drive-in doors. The project marks the first multi-story warehouse in Chicago, according to LPC. A timeline for completion was not disclosed.
Wells Fargo led the financing, along with Inland Bank and Trust and Associated Bank. Michael Svets and Jeff Goodman led the financing on behalf of Wells Fargo.