September 13, 2019
Mesa West Capital provided a joint venture of High Street Realty Company and Angelo Gordon with $32.1 million in short-term, first mortgage debt on I-355 Industrial Center in Lockport, IL. Proceeds will go toward the acquisition, stabilization and rebranding of the 611,576-square-foot warehouse and distribution facility.
The five-year, floating-rate loan allowed the sponsor to take advantage of the off-market acquisition of a newly constructed asset in a maturing industrial market, said Mesa West VP Matt Snyder, who originated the financing out of the firm’s Chicago office. The financing was arranged by CBRE’s Steve Roth.
Built in 2017, the two-building property is currently leased to one tenant, Berlin Packaging LLC, which occupies approximately 17% of the available space. The new ownership plans improvements to attract more tenants.
“The buildings’ functional design provides leasing flexibility and the ability to attract and maintain tenants of various sizes and uses,” said Snyder.
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