As reported by wire services, Logistics Property Co. and Inland Bank and Trust have closed a $10 million construction loan to fund the development of the logistics company’s coming warehouse at the northeast corner of South Ashland Avenue and West 38th Street. Planned as a class A logistics facility, which supports best-in-class standards for shipping access, building facilities and amenities, the warehouse will provide nearly 138,000 square feet of space for companies seeking a hub for local shipping in Chicago.
“Once completed, this highly functional industrial property will offer true one-hour delivery time to downtown Chicago,” said Inland Bank Senior Vice President Chris Metcalf. “Inland Bank found this to be an attractive opportunity due to the desirable location of the development site, ideally positioned within close proximity to Chicago’s Loop.”
Preparation of the building site at 3711 S. Ashland Ave., Chicago, has already begun, with completion of construction anticipated for late summer 2020. When complete, the facility will feature 28 exterior loading docks, two drive-in doors, 138 car parking spaces and a 32-foot clearance height. It will support up to three tenants.
“LPC is thrilled with Inland Bank’s execution,” said Logistics Property Co. Executive Vice President Aaron Martell. “We’re looking forward to doing more deals with them.”
A Wave of Industrial/Commercial Development
The building site within the McKinley Park neighborhood is part of Planned Manufacturing District No. 8, an area the City of Chicago has designated for industrial and commercial development. The McKinley Park News first reported on this development it the July 2019 article “‘Last Mile’ Warehouse on Ashland to Break Ground This Summer.”
Development of the Logistics Property Co. project is occurring alongside a wave of recent development of long-vacant industrial lots in the neighborhood, including demolition and development of the former Wrigley factory building at South Ashland Avenue and West 35th Street, the MAT Asphalt plant in the Central Manufacturing District and the relocation of Cougle Foods to a new production facility on the banks of Bubbly Creek.
An architectural rendering of the last-mile warehouse slated for 3711 S. Ashland Ave., Chicago, shows the prospective appearance of the completed site.
