Associated Bank has provided a $3.8 million loan for the acquisition of two industrial buildings in Cicero, IL. The borrower, JSM Venture Inc., plans to convert a 115,379 square-foot building into a 693-unit self storage facility.
The property, located at 1309 S. Cicero Ave., was formerly home to Brad Foote Gear Works. The self storage facility will be climate-controlled and span 63,587 net rentable square feet. JSM’s acquisition also includes a 28,000 square-foot building that will either be demolished and paved for parking or improved and leased at a market rate.
JSM is a Northfield, Ill.-based self storage development company headed by John S. Mengel. Daniel Barrins of Associated Bank originated the loan, terms of which were not disclosed.