Associated Banc : Bank completes financing for Minneapolis area logistics center project

MINNEAPOLIS - June 7, 2021 - Associated Bank has announced the completion of a loan for construction of the Southwest Logistics Center in Shakopee, Minnesota. The subject property is located approximately five miles east of downtown Shakopee and 20 miles southwest of downtown Minneapolis. The property is currently vacant land but will be improved with a one-story bulk warehouse building with 505,952 square feet of rentable space situated on 38.60 acres.

The project will be among the largest speculative industrial buildings in recent years for the Twin Cities market. The developer is looking to capitalize on the growing need for newer and more functional warehouse and distribution space, which has accelerated over the past couple years and is a trend that is expected to continue. Some of the current large users active in this market include Amazon, Walmart, Federal Express, UPS, DHL and Home Depot. Construction is slated for completion by the end of 2021.

Mitchell Vega, a senior vice president with Associated Bank's Commercial Real Estate, handled the loan arrangements and closing.

Associated Bank's Commercial Real Estate division is committed to providing commercial real estate developers/owners/operators with an array of financing solutions, in addition to products and services that meet their unique needs. The division has offices in Illinois, Indiana, Michigan, Minnesota, Missouri, Ohio, Texas and Wisconsin.

# # #

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.