Logistics Property Obtains $150M for Chicago Project

1237 West Division. Image courtesy of Logistics Property Co.

Logistics Property Co. has secured $150 million in construction financing for the development of 1237 West Division, the first multi-story warehouse in Chicago.

Wells Fargo Bank, Inland Bank and Trust and Associated Bank originated the loan. Managing Director Michael Svets and Director Jeff Goodman led the financing for Wells Fargo.

In May, Logistics Property bought the land to develop the logistics campus and received the city council’s approval. The company has other suburban Chicago projects in various stages of development, including the construction of two industrial facilities in Aurora, Ill., slated for completion in early 2023.

The first multi-story warehouse in Chicago

The multi-story warehouse will be located on an 11.5-acre site and will consist of 1.2 million square feet of logistics space across two floors, rooftop parking and a five-story parking garage. The warehouse will include direct loading on the first and second floors, each with a 135-foot truck court. The first floor will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor will feature 33-foot clear heights, 28 dock doors, two-drive in doors and will be accessible by 53-foot tractor trailers via separate up and down double-wide ramps.

The property will be located at 1237 West Division St., next to Interstate 90, in the Goose Island neighborhood, just 3.5 miles from downtown Chicago. Illinois International Port District is 16 miles away and the facility is 15 miles from O’Hare International Airport. Warehouses in the area house Quiet Logistics, Amazon Prime Now and CTA Material Distribution Center, among others.