Mesa West Capital originates $32m acquisition loan for Lockport industrial property

Mesa West Capital has provided the joint venture of High Street Realty Co. and Angelo Gordon with $32.1 million in short-term, first-mortgage debt for the acquisition, stabilization and rebranding of I-355 Industrial Center, a 611,576-square-foot warehouse and distribution facility in Lockport, Ill.

Built in 2017 on a 33-acre site, the property offers two buildings, which are each approximately 300,000 square feet and feature 32-foot clear heights, 320-foot building depths, 30 dock doors apiece and a shared, 185-foot truck court. The property fronts I-355, a major north/south artery in the I-55 corridor, one of the Midwest’s most prominent distribution hubs.

The property is currently leased to one tenant, Berlin Packaging LLC, which occupies approximately 17 percent of the available space.