Mesa West Capital reports that it provided $26.3 million in first mortgage debt to facilitate the acquisition of 26th & Western, a two-building industrial cold storage facility in Chicago.
The industrial facility is being acquired by a joint venture between Chicago-based Bridge Development Partners and Dallas-based Hunt Realty Investments, Mesa West Capital said in a release.
Located in the heart of Chicago's infill industrial food corridor, 26th & Western is one of the newest cold storage facilities in the area. The fully occupied, 246,212-square-foot building was redeveloped in 2004. This was followed by the construction of an adjacent 52,000-square-foot build-to-suit in 2008.
Both buildings feature cold storage space and are leased to direct users and third-party logistics providers that serve the greater Chicago area.
‘This was an excellent opportunity for us to make a loan to a strong and experienced local sponsor on cash-flowing, high-quality real estate in a supply-constrained market,’ said Ronnie Gul, principal for Mesa West Capital, who originated the financing. ‘[The facility] is a solid asset in an infill location with durable demand and very little supply and will certainly benefit from Bridge Development's experience in creating value with industrial product, particularly cold storage, in the Chicago area."
Financing for the deal was arranged by Steve Roth of CBRE Capital Markets.
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