CHICAGO – December 10, 2015 – Associated Bank announced completion of a $19,315,000 loan for acquisition and construction of a Mariano’s Fresh Market in Des Plaines, Ill, for Golf Road Ventures, LLC, a joint venture of Abbott Land and Investment Corp. and WBS Equities. When complete, the 73,317 sf store will be located at 10 East Golf Road in Des Plaines near the intersection of Golf and Mt. Prospect Roads. Construction will commence next spring with the store opening slated for a year later in the spring of 2017.
Working with the Illinois Department of Transportation, Golf Road Ventures is funding over $1M in improvements to the traffic intersection, including the addition of a turn lane and traffic signals, which will save Illinois taxpayers that expense. Working with the Des Plaines Park District, the developer is also contributing approximately $750,000 towards road, parking and field improvements for nearby Blackhawk Park.
Abbott Land specializes in the development of commercial and industrial parks and single tenant build-to-suit projects, primarily in the Chicago area. WBS Equities, LLC is a privately held real estate firm focused on build-to-suit, development and acquisition of industrial and special-use buildings for food manufacturers and distributors, commercial brokerage, in addition to leasing and green building construction and consulting.
“Once the store is operating, the City of Des Plaines will benefit from the sales tax revenue generated and area residents will be able to enjoy a beautiful new store in their neighborhood,” said Rosemary Kehr, senior vice president with Associated Bank’s Commercial Real Estate division, who originated and managed the loan closing.
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.