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Industrious' Chicago Ogilvie operations at the 1.46-million-square-foot building at 500 West Madison St. will increase from 46,500 square feet to 93,000 square feet, due to what the company states is "overwhelming consumer demand."
The $30-million redevelopment project is also home wholesale roofing distributor ABC Supply Co., Inc., which signed a 30,000-square-foot lease at the property in December 2019.
On Oct. 25, The Shredder, The Shellraiser and Nickelodeon's Skyline Scream, come to life when the Western Hemisphere's largest indoor theme park opens.
The 36-month, floating rate construction loan was provided by M&T Bank and was arranged by JLL for the 126-unit luxury project that broke ground on Aug. 28.
In our EXCLUSIVE talk with Stan Johnson Co.'s Ryan Roedersheimer, we learn what makes multi-tenant retail a good option for net lease investors looking to expand or diversify their single-tenant portfolios.
"Familiarity with the Downtown Brooklyn market allowed us to quickly underwrite this transaction," said Josh Zegen, co-founder and managing principal of MRC.