Byline Bank’s Commercial Real Estate Group (BCREG) has closed on a $9.25 million loan with LSC Development to convert an office building into a fully climate-controlled, state-of-the-art self-storage facility in Lombard, Illinois.
The 103,109-square-foot building, located on a 10.5-acre site at 665 W. North Avenue will be transformed into a 67,853-square-foot climate-controlled self-storage facility and provides 64 secured surface parking spaces for both RVs and regular vehicles across 14,800 square feet. In this transaction, the law firm Blank Rome represented Byline Bank, and Duggan Bertsch, LLC, represented LSC Development.
“It’s no secret that office usage has declined significantly over the last five years, and building owners need to find creative ways to bring new purpose and value into these vacant spaces,” said Matt Robertson, Senior Vice President in Byline’s Commercial Real Estate Group. “LSC Development took the opportunity to acquire this property and transform the unused space while leaving existing tenant offices intact.”
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