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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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
