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Chicago & Midwest  + Greater Chicagoland  + Retail  |  April 30, 2026
Jasmine Kilman
By: Jasmine Kilman

Associated Bank Completes $23M Retail Redevelopment Loan in Buffalo Grove

Associated Bank announced the completion of a $22.6 million loan to Shorewood Development Group for the acquisition and renovation of a vacant 66,083-square-foot former grocery store at 1160 W. Lake Cook Road in Buffalo Grove, Illinois.

The acquisition, at the intersection of Lake Cook and Arlington Heights Roads, also included an outlot site. The new Chase Plaza project will convert the vacant retail space into a two-tenant, grocery-anchored retail building occupied by Sprouts Farmers Market and Club Studio fitness center.

The space has been vacant for years, and the renovation will add a new grocer to the area, as well as the first Club Studio in the northwest Chicago suburbs. Daniel Barrins, a senior vice president with Associated Bank’s Commercial Real Estate division in Chicago, managed the loan arrangements and closing. This is Associated Bank’s 13th loan to Shorewood Development Group.

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Associated BankShorewood Development Group

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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