Thorofare Provides Loan for Qualtec Site Acquisitions

CHICAGO—Thorofare Capital recently funded a $12.8 million non-recourse loan for the acquisition of a retail and industrial portfolio comprising about 500,000 sq. ft. in the Chicago area, properties sold by Hilco Real Estate LLC for the Qualteq bankruptcy.

A Chicago-based partnership between two private investment firms purchased the three-property portfolio, which comprises an anchored retail center, a retail and industrial mixed-use property, and a manufacturing/industrial building located in Downers Grove, Ill. Thorofare didn’t name the companies, though locally based Cedar Street Cos. and Frontline Real Estate Partners were reportedly named as winning bidders during an auction of the properties earlier this year.

The Centre Circle industrial property is 72,400 sq. ft. and is 100-percent occupied through a long-term lease with Valid USA Inc., a subsidiary of Valid S.A., a global publicly traded company with a $2 billion market capitalization. Meadowbrook Shopping Center includes 188,000 sq. ft. comprised of four buildings, situated on 18.8 acres. The property is located in an infill retail location just east of Interstate 355. Currently, the property is 90 percent occupied with 35 tenants, including anchor Westbrook Market.

University Plaza Center is also 90 percent occupied with nine tenants and consists of a one-story, multi-tenant retail building with a two-story industrial/storage component, situated on a 13.4-acre parcel of land. The retail and industrial components consist of 111,187 and 117,893 rentable sq. ft., respectively, for a total net rentable area of 229,080 sq. ft. The warehouse area also has a two-story finished office space.

TAGS: Lending Retail
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