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.
The post Associated Bank Completes $23M Retail Redevelopment Loan in Buffalo Grove appeared first on Connect CRE.
​Â