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Sterling Using $58M Loan for New Sara Lee HQ

CHICAGO-Heitman provided money to buy the warehouse, and Bank of America is funding the redevelopment for the tenant’s Meats division.

By Robert Carr | Updated on April 19, 2012

CHICAGO-The Sterling Bay Cos. has revealed it has gained $58.5 million in financing for the redevelopment of 400 S. Jefferson. The company said in December that it is turning the former warehouse here at VanBuren and Jefferson for Sara Lee, which is splitting into two separate public companies.

The 300,000-square-foot building here will house the company’s North American Meats division, and will likely retain the Sara Lee name. The other division for its International Coffee and Tea business has not yet been renamed. The firm is leasing the building for 15 years from Sterling, and bringing about 500 employees to the facility.

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