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Silver Creek Snaps Up Super-Regional Michelin Warehouse
JLL Capital Markets arranged acquisition financing for a two-million-square-foot super-regional distribution facility fully occupied by Michelin North America along the I-55 Industrial corridor. The property at 29900 S. Graakamp Blvd. in Wilmington, IL is within the master-planned Ridgeport Logistics Center.
A JLL team led by managing director Matthew Schoenfeldt and director Eliott Zeitoune worked on behalf of the borrower, Los Angeles-based Silver Creek Development, to place the seven-year, fixed-rate loan with Pacific Life Insurance Company. Silver Creek, which also has offices in Phoenix and New York City, is currently looking to grow its national footprint.
Originally constructed in 2015 as a build-to-suit for Michelin, the Wilmington facility was expanded in 2016. It’s one of two super-regional Michelin-leased facilities in the country, and it holds the inventory serving five business lines. Located near the intersection of Interstates 55 and 80, it’s also proximate to six Class I railroads.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
