CHICAGO – March 6, 2016– Associated Bank has finalized an $11,400,000 loan to Schermerhorn & Co./Heritage-Hillside, LLC to acquire the Wal-Mart Center at 2720-2850 Heritage Drive and 2725 Hillside Drive in Delafield, Wis.
The 102,700 sf multi-tenant shopping center, located just north (below) the hillside-situated Walmart store at the heavily travelled intersection of I-94 and Hwy 83, has been managed by Schermerhorn Commercial Real Estate for over 18 years. The Center is 90% leased, and major tenants include: Office Max, Petco, Dollar Tree, Great Clips, Sears Appliance, Subway and Dairy Queen. The purchase does not include the building occupied by Walmart.
Founded in 1967, the Schermerhorn & Co., based in Evanston, Ill., based manages approximately 100 multi-family rental and community associations in addition to commercial properties that include office buildings, retail shopping facilities and mixed-use properties.
Headquartered in Chicago, Associated Bank’s Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. Associated’s Commercial Real Estate division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio and Wisconsin.