CHICAGO-Bridge Development Partners, LLC has just recapitalized a portfolio of three Chicago-area cold storage warehouse properties to Investcorp International Realty, Inc. for an undisclosed amount. A mix of third-party logistics firms and direct distributors of cold storage product lease 93% of the 715,000-square-foot portfolio.
As reported in GlobeSt.com, Bridge has in recent years gotten very involved in the cold-storage sector as a developer and owner, and the company's decision to retain a minority ownership of these properties, and stay on as the property manager, helps illustrates an important factor in the business.
“Cold storage is such a niche market, one where everybody knows everybody else,” Brian Niven, principal – cold storage at Bridge, tells GlobeSt.com. “There aren't many developers out there that have real expertise in cold storage product.”
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