BWE has arranged a $48 million refinancing for a large industrial and logistics facility leased to 3M in DeKalb, Illinois, within the Chicago metropolitan area. The property totals 978,000 square feet and serves as a logistics and warehouse hub for the global manufacturer.
The financing was originated by Mike Guterman, senior vice president in BWE’s Los Angeles office. Guterman sourced the long-term, fixed-rate loan on behalf of Griffin Capital, a Southern California-based real estate investment and management company. The refinancing carries a 55% loan-to-value ratio.
The lender is Aegon, described as a correspondent life insurance company lender. By providing a sizable, fixed-rate loan on a single-tenant asset, Aegon is extending life company capital to an industrial property backed by a corporate tenant. The transaction underscores the role of life insurers in the commercial mortgage market for stabilized logistics facilities.
Griffin Capital recently acquired the DeKalb property and turned to BWE to refinance it. While the transaction was structurally a straightforward, single-tenant refinancing, Griffin Capital leadership noted that certain deal complexities required specialized structuring and execution support from BWE’s team and lending partners.
The asset is located at 1650 Macom Drive in DeKalb. It is one of several properties in the DeKalb market that are fully leased to 3M, with this collection of facilities totaling around 2.5 million square feet. The concentration of 3M-leased space in the area underscores the company’s logistics footprint in the market.
Within the 978,000-plus square feet of the building, the facility includes specialized chemical storage and aerosol rooms, cold storage areas, and containment floors. These features support the handling and storage of a range of industrial and chemical products, aligning the building’s specifications with 3M’s operational needs.
The refinancing provides long-term debt capital for Griffin Capital on a large-scale industrial asset that is fully leased to a single corporate occupier. It also illustrates ongoing lender engagement with industrial and logistics properties in the Chicago-area markets, particularly for modern, specialized facilities under long-term leases.
