$59M Refi For Industrial Portfolio: The Chicago Deal Sheet
Brennan Investment Group and Reinsurance Group of America secured $59M in refinancing for a three-building industrial portfolio totaling 648K SF across the Chicago and Cincinnati metropolitan areas.
The loan is on a five-year term from a regional bank, and the portfolio is fully leased to a mix of tenants serving logistics, distribution, manufacturing, packaging and thermal processing industries. All three buildings — one in Hoffman Estates, Illinois, and two in Fairfield, Ohio — were completed in 2023.
"This refinancing reflects the strength of the underlying real estate and the continued demand for well-located, modern industrial facilities in core Midwest logistics markets," Kevin Brennan, chief investment officer and managing principal at Brennan Investment Group, said in a release.
JLL Capital Markets' Matthew Schoenfeldt, Lucas Borges, Brian Walsh, Michael Gurwin and Christian Johnston arranged the deal.
PEOPLE
Becknell Industrial announced an executive leadership succession plan as Mark Shapland will depart from his role of CEO after 18 years with the company. Current Chief Financial Officer Clay Thelen was appointed as CEO. He will continue to serve as interim chief financial officer until the company finds a replacement.
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Colliers appointed John Heitmann as its senior vice president in its debt and structured finance division. Heitmann will focus on structuring, marketing and placing capital for institutional and private investors as part of the company’s U.S. healthcare capital markets. He has more than 10 years of real estate capital markets experience, including over seven years focused on healthcare real estate.
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Cresa promoted Marcus Cook to managing principal of its national retail practice. In his expanded role, Cook will lead the growth and strategic direction of Cresa’s retail platform while supporting occupier clients across the United States. Cook has more than two decades of experience advising retail brands, investors and developers on real estate strategy.
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The Inland Real Estate Group appointed Catherine Lynch to chief of staff. In the role, Lynch will work closely with Inland CEO and President Tony Chereso to move key enterprise initiatives forward and strengthen collaboration across Inland’s business verticals. Lynch joined Inland in 1989 and brings more than three decades of experience in executive leadership to her new role.
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Leopardo Construction hired Paola Sprenzel as vice president of business development. Sprenzel brings more than 20 years of experience across CRE, construction and workplace strategy. At Leopardo, she will focus on deepening client and partner relationships while identifying opportunities aligned with the firm’s expertise.
LEASES
US Elogistics Service Corp. signed a full-building lease for the 408K SF building at Tollway Corporate Center in North Aurora. With this commitment, the 1.1M SF, three-building speculative industrial development is now fully leased, Opus said in a release. Tollway Corporate Center was delivered in phases, with the first two buildings preleased prior to their completion in December 2022. The third building was finished in December 2023.
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Hyundai Translead, a subsidiary of Hyundai Motor Co., signed a nearly 1.4M SF industrial lease at the Will County Industrial Center at 2200 Channahon Road in Joliet. Hyundai Translead plans to invest $452.5M in improvements to the site, the former home to Caterpillar. DarwinPW Realty/CORFAC International's Jerry Sullivan and Ed Wabick represented building owner Industrial Realty Group in the deal, while John Greene Commercial Real Estate's Shamus Conneely represented the tenant.
