(Read more on the industrial market.)
WOODRIDGE, IL-A joint venture between Philadelphia-based BPG Properties Ltd. and local Bridge Development Partners LLC has sold the five-building Wood Hill Crossings Business Park for more than $65 million to San Francisco-based Bristol Group Inc. The park is on a total of 80 acres, located about one mile south of the I-55/I-355 interchange.
BPG was represented by Jeffrey Kahan, Steven Disse and Jeffrey Devine, all with Colliers Bennett & Kahnweiler.
The JV started construction on the industrial park in 2002, seeing an opportunity where there was a "very limited supply" of industrial space and it was the "initial intention" to sell the park once it was completed, says BPG senior vice president Joseph Neverauskas. BPG and Bridge Development Partners reached an agreement with Bristol Group to purchase the park after the completion of the first four buildings, totaling 682,956 sf. But the fifth building, which is 261,700 sf, and the sale of the park were recently completed.
The purchase price of the fifth building was about $14.8 million of the total $65 million sale. Neverauskas says there is not a cap rate for the fifth building because it was completed as a shell and is vacant. The cap rate for the other four buildings is just under 6%, he tells GlobeSt.com.
The park, not including the newly completed fifth building, is about 80% leased, Neverauskas says. Major tenants include GKN Walterscheid, ECP Inc., Schoolkidz.com, Dober Chemical Corp., DiMare Fresh Inc. and Cort Business Systems. The asking lease rate is about $5.15 per sf, Neverauskas tells GlobeSt.com.
The joint venture currently still owns a 5.8-acre site at the park. "We also have it under contract to sell to a developer," he says, but did not disclose any additional details about the contracted sale.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
