Darwin Investment Group Secures $130 Million Refinancing on 39-Building Chicago Industrial Portfolio With Wells Fargo

CHICAGO — Darwin Investment Group has completed a $130 million refinancing of a 39-building industrial portfolio totaling more than 2 million square feet across the greater Chicago area and Southeast Wisconsin, the firm announced. Wells Fargo Commercial Banking's Middle Market Real Estate team provided the financing.

Concurrent with the refinancing, Darwin Investment Group principals George Cibula and Matthew Lewandowski acquired the 49% ownership interest previously held by their partners, bringing their combined ownership of the 39-building portfolio to 100%.

Portfolio Overview

The portfolio comprises 39 industrial properties extending from Chicago's south suburbs through Southeast Wisconsin and is home to more than 225 tenants, providing diversification across tenants, industries and industrial submarkets. The $130 million loan amount implies approximately $65 per square foot of debt against the portfolio's reported size of more than 2 million square feet, though the portfolio size is a rounded figure.

The refinancing and ownership consolidation were facilitated on behalf of Darwin Investment Group by Matthew Lewandowski, Erin Cibula and Patricia Liston, working in coordination with Wells Fargo Commercial Banking's Middle Market Real Estate team. The Wells Fargo deal team was led by Commercial Banking Leader Paul Mokhatas, Senior Relationship Manager Anu Agarwal and Portfolio Management Manager Paul Crusen.

Transaction Rationale and Ownership Consolidation

"The completion of this transaction represents an important step for Darwin Investment Group and reflects our long-term conviction in the Chicago industrial market," said Matthew Lewandowski. "Consolidating ownership gives George and me the ability to continue investing in these properties while maintaining the long-term, hands-on ownership approach that has been central to how we operate."

By acquiring their partners' 49% stake alongside the refinancing, Cibula and Lewandowski gain full discretion over leasing decisions, capital expenditures, acquisitions and future dispositions. The transaction recapitalizes the portfolio while allowing the principals to retain long-term ownership rather than pursue a sale.

Wells Fargo's Mokhatas noted the depth of the banking relationship underpinning the deal. "Darwin Investment Group has been our longtime client for more than 14 years, and this transaction demonstrates the strength of our relationship and how we're supporting their goals through the entire lifecycle of their business," he said. "Through our longstanding partnership, Wells Fargo remains committed to supporting the Chicagoland investment real estate market."

This is not the first time Darwin Investment Group and Wells Fargo have partnered on a large portfolio refinancing. In May 2025, Darwin announced a $100 million, seven-year loan on a separate portfolio of 40 buildings totaling 2.2 million square feet throughout greater Chicagoland. The differing building counts and square footage indicate the two transactions involve distinct collateral pools.

Chicago Industrial Market Context

The transaction comes as Chicago's industrial market has maintained comparatively firm fundamentals. Vacancy in the greater Chicago industrial market stood at approximately 4.5% to 4.9% in mid-2026, depending on the source and market boundary definition, with new leasing activity reaching 21.8 million square feet through midyear — up 11.1% year over year and the strongest midyear total since 2022. Average asking net rents were approximately $7.55 per square foot, up roughly 0.9% year over year, while separate data from other market trackers placed average asking rents closer to $9.33 per square foot, reflecting differences in inventory definitions and submarket scope.

Tenant demand was particularly visible in larger facilities and core logistics locations, with average lease size exceeding 40,000 square feet in the first quarter of 2026 for the first time in more than two years. Total square footage leased increased roughly 15% in 2025, supported by demand near Joliet, Bolingbrook and O'Hare.

Southeast Wisconsin Market Conditions

Southeast Wisconsin presented a more transitional picture. The submarket carried approximately 65.1 million square feet of industrial inventory and a vacancy rate of roughly 7.8% to 7.9% in 2026, elevated primarily by new big-box deliveries rather than a broad decline in tenant demand. More than 3 million square feet was delivered in 2025, much of it started during the peak development cycle, and rent growth had begun to moderate as supply and demand moved toward balance. The higher vacancy rate relative to Chicago increases the importance of asset-level factors such as building functionality, tenant credit, lease rollover and submarket location within Darwin's Southeast Wisconsin holdings.

Darwin Investment Group said it remains focused on acquiring and owning industrial real estate for the long term, with an emphasis on well-located properties throughout the greater Chicago market, the surrounding Midwest and Florida.

Sources

Darwin Investment Group — Building Industrial Portfolio Transaction Encompasses More Than 2 Million Square Feet Across the Chicago and Southeast Wisconsin Industrial Markets