Exeter takes out big loan after latest Chicago-area industrial pickup

The Pennsylvania company secured $150 million in financing after acquiring a Burr Ridge industrial property

TRD CHICAGO /
Apr.April 04, 2019 01:00 PM

124 Tower Drive (Credit: Google Maps)

Three months after picking up its latest Chicago-area industrial property, Exeter Property Group has taken out a $150 million loan tied to the Burr Ridge warehouse.

The Pennsylvania-based investment group in January picked up the property at 124 Tower Drive in west suburban Burr Ridge for $3.3 million, Cook County property records show. In mid-March, the firm took out a $150 million loan tied to the property, according to property records.

Exeter is planning to modernize the warehouse facility and its offices, but the firm’s CEO, Ward Fitzgerald, wouldn’t say what the proceeds of the loan would be used for, or if it’s secured by more of Exeter’s sizable Chicago portfolio.

“We’re continuing to grow our presence” in Chicago, Fitzgerald said. “We enjoy a large portfolio in Chicago that we want to grow within the next decade.”

The building at 124 Tower Drive is leased by Production Plus, an events production company. It is just off Interstate 55 and Interstate 294. Fitzgerald said Exeter bought the property for its good location in a healthy industrial market.

Exeter greatly expanded its local portfolio in 2012, when it plunked down $100 million for about 30 properties, Crain’s reported at the time. Exeter has about 15 millions square feet of industrial space in the Chicago market, Fitzgerald said.

Chicago’s industrial market remains one of the hottest in the country. Leasing in the sector hit a three-year high in the third quarter of 2018, and vacancies dropped to a 17-year-low last year.


Related Articles

arrow_forward_ios
Cook County Assessor Fritz Kaegi and downtown Evanston

Cook County landlords get bad news about 2020 taxes

Cook County landlords get bad news about 2020 taxes
Chicago Mayor Lori Lightfoot and the power plant (Credit: KAMIL KRZACZYNSKI/AFP via Getty Images, and Google Maps)

Following protests, Lightfoot calls off second demolition in Little Village

Following protests, Lightfoot calls off second demolition in Little Village
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Amazon CEO Jeff Bezos with 4306 120th Ave. in Kenosha and 23700 W. Bluff Road in Channahon (Credit: Getty Images; Google Maps)

Amazon is at it again in Chicago

Amazon is at it again in Chicago
John Murphy, head of Murphy Development Group and a rendering of 8000 N. Lincoln Ave. (Credit: Murphy Development; rendering via Lucien Lagrange)

In this market, a good construction loan is hard to find

In this market, a good construction loan is hard to find
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

VC firm led by ex-McDonald’s chief buys River West office building
Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...