(Read more on the industrial market.)
BOLINGBROOK, IL- Chicago-based Bridge Development Partners LLC and their institutional partner San-Francisco-based McMorgan & Co. have acquired Bolingbrook Corporate Center Two at 101 E. Crossroads Pkwy. The 283,630-sf industrial building was acquired from ASA Properties, a client of Persis Asset Advisors LLC, both based in Honolulu.
The sales price was approximately $13 million, confirmed Tony Pricco, a principal with Bridge Development Partners. Pricco said the building is currently vacant. The seller was represented by Steve Disse, Jeff Devine and Jeff Kahan, all with Colliers Bennett & Kahnweiler.
The building was constructed in 2001 and has 5,000 sf of office space, 30-foot clear ceiling height and 28 docks. The building had been previously leased by Newell Rubbermaid Inc., which had signed a lease for the building around when it was constructed, Pricco says, but the building has been vacant for about five years. “It was under lease, but they were not occupying the space,” he says. The seller attempted to lease the building after Newell Rubbermaid's lease expired but “after a year or so of that, he decided to sell,” Pricco says.
Bridge Development was attracted to the property because it is a “value-added play” and the firm likes the eastern portion of the I-55 submarket, Pricco says. The property is also less than a mile from the Interstate 55 and Route 53 interchange. The cost to acquire the property was less than it would be to replicate the building today, he says. Bridge plans to reposition the property and expects to subdivide the building for two or three tenants, Pricco says. A cost estimate was not available because Pricco says it would depend on how much renovation is done to the building, such as how much office space would be needed. Likely tenants would be logistics or light assembly. The asking lease rate is $4.25 per sf, net. Vern Schultz and Peter Bourke, both with Colliers Bennett & Kahnweiler, will be the leasing agents for the property.
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