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Chicago Still Hot Market for Institutional Investors

CHICAGO—Bridge Development just sold three in-fill buildings and says the portfolio attracted a deep pool of buyers.

By Brian J. Rogal | brianjrogal | Updated on December 19, 2016

chi-8401 47McCook (2) 8401 W. 47th St. in McCook, IL.

CHICAGO—A joint venture between Bridge Development Partners, LLC and Akard Street Partners has just sold three state-of-the-art industrial facilities totaling 539,440 square feet for a total of $64.3 million to an undisclosed institutional buyer. The price tag reflects the power of Chicago-area properties, especially ones located in tight in-fill markets, to draw in national investors.

“The Chicago market continues to be as strong as it’s ever been for well-located, well-leased class A product,” Steve Groetsema, principal and Chicago market officer at Bridge, tells GlobeSt.com. “There is a really strong institutional demand when you take these properties to market.”   

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