Los Angeles, CA – June 25, 2018 – Canyon Partners Real Estate LLC® (“Canyon”) has provided a $12.0 million preferred equity investment to a joint venture with DeBartolo Development and Location Finders International to finance the ground-up construction of an 879,040-square-foot ambient warehouse facility in the Monee submarket of Chicago, IL. This is Canyon’s fourth investment with DeBartolo Development.
Located on 61.1 acres within the Bailly Ridge Corporate Center and situated along Highway 57, the built facility can accommodate multiple tenants by its flexible design. It will include 36’ clear heights, 51’ x 49’ column spacing, 70’ speed bays, 135’ concrete truck apron, 100 dock doors, four drive-in doors, 346 trailer stalls and 300 car parking stalls.
Bailly Ridge Corporate Center includes 2.6 million square feet of existing Class-A office and distribution properties with notable tenants like Amazon, XPO Logistics, and Hancock Tires having located major distribution facilities within this master-planned community. Chicagoland is the second largest warehousing submarket in the U.S. housing over 450 major companies, with leading tenants locating here to take advantage of its nine major interstate highways and six class-1 railroads, which provide a one-to- two-day delivery distribution channel to any location in the United States. Approximately one-third of the total US freight moved each day originates, passes through or terminates in Chicagoland.
Canyon has a long track record of deploying capital in both Chicago as well as industrial projects. Since 2010 alone, Canyon has invested over $200 million in the Chicago MSA facilitating approximately $700 million of investments, and has invested over $200 million in industrial projects nationwide facilitating approximately $400 million of investments.
Harris Architects Inc., a Chicago-based architecture and design firm, has been engaged as the project architect and Principle Construction Group will serve as the general contractor.
Construction of the facility is anticipated to be completed by May 2019.
About Canyon Partners Real Estate LLC
Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC. Canyon focuses on providing debt and equity capital for commercial real estate in primary and secondary markets across the U.S., primarily to facilitate asset acquisition, value-add repositioning, development or recapitalization. Since inception, Canyon has invested over $6.5 billion of capital in over 250 commercial real estate and mortgage transactions with a total capitalization of approximately $18 billion through its distinct real estate investment platforms.
Founded in 1990, Canyon Partners, LLC is an investment management firm headquartered in Los Angeles which, together with its affiliates, manages approximately $24 billion of assets. For more information visit: www.canyonpartners.com.
About DeBartolo Development
Built on a legacy of more than seven decades, the DeBartolo name is recognized as an icon in the real estate industry. Since our beginnings in 1944 when legendary entrepreneur Edward J. DeBartolo, Sr. pioneered the first shopping mall concept and developed some of the most well-known and nationally- recognized shopping landmarks, our legacy has been synonymous with success. Today, DeBartolo Development is one of the largest private real estate investment and development companies in the country and invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects throughout the United States. For more information about DeBartolo Development, please visit our Website at www.debartolodevelopment.com.
(914) 686 5599