Associated Bank has finalized a $9 million loan to GTZ Properties to support the development of Trailhead Crossing, a new multi-building retail project in Delaware, Ohio. The property is located at 1135-1131 US-36 in Delaware, a suburb of Columbus, and is planned on a twelve-acre site.
The project design calls for three freestanding buildings that will be occupied by Chik-Fil-A, Chipotle Mexican Grill and Take 5 Oil Change. In addition, a three-tenant retail strip is planned, with Dunkin Donuts, Nothing Bundt Cakes and Pacific Dental Services slated as occupants. These tenants collectively position the site as a convenience- and service-oriented destination with a mix of food, beverage and auto-related uses.
Trailhead Crossing also includes two pad-ready sites. According to the parties, one of these pad sites is already under a pending sale agreement with a national daycare company, indicating early user interest ahead of full project build-out. A subsequent phase of the development is expected to introduce a big-box national retailer as an anchor, although the specific retailer has not been identified.
GTZ Properties, based in Highland Park, Illinois, is a full-service commercial real estate development and investment firm that focuses on retail-related properties across the United States. The company is led by principals Mitch Goltz and Jeremy Forman. Their platform concentrates on the development and investment of retail assets, and Trailhead Crossing is part of that broader national strategy.
Within Associated Bank, the loan was managed by Daniel Barrins, a senior vice president in the bank’s Commercial Real Estate division in Chicago. Barrins oversaw the loan arrangements and closing process for the Trailhead Crossing financing. The relationship between Associated Bank and GTZ Properties is longstanding, and this transaction represents the bank’s 18th loan to GTZ Properties principal Mitch Goltz.
The closing of this loan advances the next phase of activity at the Trailhead Crossing site, with initial retail tenants identified and at least one pad sale pending. Future development at the property is expected to further build out the tenant mix through the addition of the planned big-box anchor as the project proceeds.
