TradeLane Refinances 1.1 MSF Industrial Portfolio
A regional bank provided the loan for the Chicago and Cincinnati assets.
TradeLane Properties has secured a $64 million refinancing loan for its Midwest Light Industrial Portfolio, which spans 1.1 million square feet throughout Chicago and Cincinnati.
A regional bank issued the floating-rate, five-year note, in a deal brokered by JLL alongside Kensington Capital Advisors, which fixed the interest rate through a swap transaction.
The collection comprises 13 properties—12 of which are in metro Chicago and one in Cincinnati. The warehouses are fully leased to 17 tenants active in various industries, including automotive, manufacturing, distribution, pharmaceuticals, and food processing.
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The Chicago buildings are spread across the Northwest Cook, Lake County, North DuPage and Fox Valley submarkets, with access to thoroughfares such as interstates 94, 294, 90 and 88. The Cincinnati property is in the Tri-County submarket, near interstates 275 and 75.
TradeLane recently expanded the Ohio property from 150,000 to 300,073 square feet. The Illinois warehouses feature multiple dock docks with modern loading capabilities, as well as flexible office configurations.
The company purchased a 13-asset industrial portfolio throughout suburban Chicago in 2022 from Oxford Properties Group, and, according to Yardi Research Data, it secured a $60 million note from HTLF Bank that is due to mature this November.
JLL Senior Managing Director Chris Gandy, together with Senior Director Lucas Borges and Director Ethan Habecker, arranged the financing. JLL’s wholly owned internal derivatives team, Kensington Capital Advisors, assisted TradeLane by managing its exposure to the floating interest rate risk.
TradeLane’s latest industrial deals
TradeLane is active throughout markets such as Chicago, Cincinnati, Columbus, Ohio, Indianapolis, Louisville, Ky., Dallas, as well as Houston and San Antonio, where it acquires, develops and operates industrial assets.
In metro Chicago, it sold TLP Park 88 Logistics Center in a partnership with Phelan Development Co. The 2024-completed, 429,616-square-foot property in North Aurora, Ill., was fully leased at closing. Ares Management paid $58.2 million for the asset two months ago, Yardi Research Data shows.
Also in May, TradeLande purchased two Greater Chicago properties in separate deals. The company acquired a total of 451,000 square feet of industrial space in Alsip, Ill. The assets changed hands for a combined $20.8 million, the same source reveals.
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