CHICAGO – February 9, 2022 – Associated Bank announced the completion of a $27,560,000 loan for Groveport Venture LLC for construction of a 640,640 square-foot speculative industrial building in Groveport, Ohio. Located at the southeast corner of Hayes Road and Pontius Road, the property is directly adjacent to Rickenbacker International Airport and approximately 15 miles from downtown Columbus.
The 47-acre site is located six miles from the I-270 / Route 33 interchange and approximately nine miles from the I-70 / I-270 interchange. This accessibility to Cincinnati, Cleveland and Pittsburgh markets provides area businesses with the capability to reach more Americans in a 500-mile radius than any other major inland or costal port.
Upon completion, the state-of-the-art precast concrete and steel building will feature cross-dock configuration, 36-foot clear height, 60 exterior docks (with levelers), four drive-in doors, 185-foot truck courts and 154 trailer parking stalls. Completion is anticipated this summer.
Groveport Venture LLC is a partnership that includes CA Industrial Properties LLC, Stotan Industrial LLC, and LaSalle Investment Management. Founded in 2021, Stotan Industrial LLC is a private equity based industrial real estate acquisition and development firm. CA Industrial Properties LLC is a subsidiary of CA Ventures, a global real estate investment management firm. CA Industrial Properties LLC focuses on speculative, ground-up development of modern logistics facilities in strategic U.S. markets. LaSalle Investment Management manages approximately $73 billion of assets in private equity, debt and public real estate investments and sponsors investment vehicles that include open- and closed-end funds, separate accounts and indirect investments.
Elizabeth Hozian, a senior vice president with the bank’s Commercial Real Estate Division, along with colleagues Evelyn Turner and Paul Henning, closed the loan. The 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. The Associated Bank division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.
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ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin’s largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.