Torburn Partners nabs construction loan on vacant Arlington Heights industrial building

CIBC provided the $32M loan on a building in Northwest Crossings development that was once part of large Nokia campus

December 04, 2018 08:00 AM

1501 West Shure Drive (Credit: LoopNet)

Torburn Partners secured a construction loan on a vacant Arlington Heights industrial building that was once part of a sprawling Nokia campus.

CIBC provided the $32 million loan on the empty 196,000-square-foot building at 1501 West Shure Drive, according to Cook County records. The loan would suggest the Northbrook-based developer could use the proceeds to redevelop the property, but a Torburn spokesperson declined to comment.

The building in the Northwest Crossings development was once part of a five-structure, 1.1-million-square-foot campus for cellphone-maker Nokia that Torburn bought in 2013. Nokia consolidated its footprint in the complex to two buildings on the south end of the site, which Tornburn sold later that year.

Torburn tore down another structure on the north end of the property in 2014, and last month sold the office building at 1421 West Shure Drive to New York-based Guardian Realty for $48 million.

Chicago industrial market saw more leasing activity in the third quarter than at any point since 2015, according to Colliers International.

The industrial market near O’Hare Airport has been particularly strong, posting its lowest vacancy rate in 17 years, according to Colliers.

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