The property is a state-of-the-art last-mile facility in suburban Chicago.
Maywood, Ill. – August 21, 2023 – CBRE has secured $7.2 million in refinancing for Kroger Chicago's newest last-mile industrial logistics facility at 1900 South Maywood Drive in Maywood, Ill.
Bruce Francis, Bob Ybarra, Doug Birrell, Shaun Moothart, Nick Santangelo, and Jim Korinek with CBRE Capital Markets' Debt and Structured Finance team secured a 12-year term, full-term interest only with a spread of +140 over the 10-year Treasury on behalf of the owner, Pacifica Real Estate Group, a Southern California-based investment company that holds a portfolio of industrial, office, medical office, and multifamily residential properties across the nation.
“Working through the difficulty of increasing Treasury bond yields while maintaining the below-market interest rate was no small feat. With the help of a great lender and borrower relationship, it allowed us to lock the interest rate in advance of having the loan application issued and maintain the fixed interest rate through two extensions,” said Mr. Ybarra, Executive Vice President at CBRE.
The 79,869-sq.-ft.-state-of-the-art last mile logistic building has 32' clear height, dock-high and grade-level roll-up doors, and excess parking for trailers and cars. The facility is in Maywood, a western suburb of Chicago, approximately 13 miles from the Central Business District, just north of Interstate 290 (Eisenhower Expressway).
Kroger has occupied the property since its completion in 2022, serving as one of its new urban delivery stations. The company has signed a long-term triple net lease for the building.