Chicago and Los Angeles -- Mesa West Capital has provided a joint venture between Chicago-based Bridge Development Partners and Dallas-based Hunt Realty Investments with $26.3 million in first mortgage debt to facilitate the acquisition of 26th & Western, a two-building 298,212-square-foot infill industrial cold storage portfolio in Chicago.
Located in the heart of Chicago’s infill industrial food corridor, the fully occupied 26th & Western is one of the newest cold storage facilities in the area. A 246,212-square-foot building was redeveloped in 2004 followed by the construction of an adjacent 52,000-square-foot build-to-suit in 2008. Both buildings feature high-quality, flexible cold storage space and are leased to both direct users and third party logistics providers that service greater Chicagoland.
“This was an excellent opportunity for us to make a loan to a strong and experienced local sponsor on cash-flowing, high quality real estate in a supply constrained market,” said Mesa West Principal Ronnie Gul who originated the financing. “26th & Western is a solid asset in an infill location with durable demand and very little supply, and will certainly benefit from Bridge Development’s experience in creating value with industrial product, particularly cold storage, in the Chicago area.”
The financing was arranged by Steve Roth of CBRE Capital Markets.
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.