Chicago-based Logistics Property Company LLC announced Tuesday it has closed on commercial real estate finance loans from J.P. Morgan, with a combined value of about $90 million, for its planned 94 Logistics Park development
in Kenosha and Southport Logistics Park in Wilmer, Texas.
[caption id="attachment_365427" align="alignright" width="383"]
94 Logistics Park site plans.[/caption]
“We’re excited to establish a relationship with J.P. Morgan across multiple projects in North America,” said Mark Skinner, LPC’s chief financial officer. “This commitment reflects the underlying strength of these markets for industrial properties.”
The loans will fund Phase I of LPC’s 94 Logistics Park in Kenosha and Southport Logistics Park located in Wilmer, Texas.
“We’re happy to support Logistics Property Company as they expand in key markets across the country,” said Michelle Herrick, market manager for real estate banking with J.P. Morgan.
94 Logistics Park will be developed on a 67-acre site west of I-94 and south of the Uline facility along the freeway at Burlington Road (Highway 142) in Kenosha.
In October, a subsidiary of Logistics Property Company acquired 48 acres for the 94 Logistics Park development, purchasing 44.3 acres at 3902 128th Ave. in Kenosha from J&L Drissel LLC for $5.7 million, a 2.3-acre property in the town of Paris at 12443 38th St. from the Marvin and Dolores Drissel Revocable Trust for $620,000 and a 1.8-acre property for $600,000 from Ronald Wallace, according to state records.
Phase one of 94 Logistics Park includes a 750,000-square-foot facility targeting regional distributors including consumer products, e-commerce, and food users. It is expected to be completed by mid-2019. The second building of the development's first phase will be 288,000 square feet.
Phase two of the development could include 825,000 square feet of speculative industrial buildings.