The company has been one of the more active industrial developers in the past few years, and demand for these new spaces has been strong. These recently-sold buildings were completed between mid-2014 and July 2017, and were 78% leased at the time of sale, with an average weighted remaining lease term of more than nine years. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA, Inc., and Fujitrans USA, Inc.

“This was a great opportunity for Bridge to take some chips off the table and capitalize on the current demand for best-in-class institutional industrial real estate,” Groetsema adds. “These buildings are truly irreplaceable real estate with a phenomenal tenant roster.”

Bridge's new 48-acre site is located at 10601 Franklin Ave., a tract of infill land in the O'Hare/West Cook County submarket. The site features easy access to O'Hare International Airport, I-290 and I-294, and tollway visibility along I-294.

The company purchased the site was from Magellan Pipeline Co., a division of Magellan Midstream Partners, an oil pipeline, storage and transportation company. Jeff Provenza of Darwin Realty brokered this sale. Currently, the site houses 14 massive storage tanks and multiple smaller buildings. Within the next few weeks, Bridge will begin demolishing these structures, along with other site remediation work. The company will widen Franklin Ave. on the northern boundary, adding right-turn and left-turn lanes, and install two new traffic signals at the site's entrances from Belmont Ave. and Franklin Ave.

The site will eventually have 656,189 square feet of industrial space in three 32' clear buildings, encompassing 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. Bridge will deliver all three in the third quarter of 2018.

Provenza and Rick Daly, also of Darwin, have been named exclusive leasing representatives for the property.

“This is one of the more visible and notable new industrial developments in Chicago in recent years, on an irreplaceable infill site in one of Chicago's more dynamic industrial submarkets,” Groetsema says.

CHICAGO—Bridge Development Partners, LLC, recently sold four recently-completed industrial buildings totaling 491,010 square feet in Chicago's O'Hare market. The portfolio sale price was $69,275,000, and the success in leasing up these buildings has whetted the firm's appetite for even more development.

Bridge has also just acquired a 48-acre land site in nearby Franklin Park, IL for $27 million and plans to develop three additional buildings totaling 656,189 square feet.

“It's not surprising to see these facilities preleased or leased soon after completion, making them very liquid to investors, and enabling us to buy additional strategically located sites for development,” says Steve Groetsema, principal and Chicago market officer at Bridge. “In Chicago, and our other US markets Bridge has had some success in developing state-of-the-art distribution facilities in infill locations like O'Hare that are highly desirable to a number of different industrial users.”

The Bridge O'Hare Portfolio sale included the following four buildings:

• 1701 Nicholas Blvd., a 150,520-square-foot building in Elk Grove Village
• 11600 Grand Ave., a 182,965-square-foot building in Northlake
• 9555 Soreng Ave., a 72,825-square-foot building in Schiller Park
• 9655 Soreng Ave., an 84,700-square-foot building in Schiller Park

The buyer, an institutional investor, was undisclosed. No third-party brokers were involved in the transaction.

The company has been one of the more active industrial developers in the past few years, and demand for these new spaces has been strong. These recently-sold buildings were completed between mid-2014 and July 2017, and were 78% leased at the time of sale, with an average weighted remaining lease term of more than nine years. Tenants include Pilot Air Freight Corp., NNR Global Logistics USA, Inc., and Fujitrans USA, Inc.

“This was a great opportunity for Bridge to take some chips off the table and capitalize on the current demand for best-in-class institutional industrial real estate,” Groetsema adds. “These buildings are truly irreplaceable real estate with a phenomenal tenant roster.”

Bridge's new 48-acre site is located at 10601 Franklin Ave., a tract of infill land in the O'Hare/West Cook County submarket. The site features easy access to O'Hare International Airport, I-290 and I-294, and tollway visibility along I-294.

The company purchased the site was from Magellan Pipeline Co., a division of Magellan Midstream Partners, an oil pipeline, storage and transportation company. Jeff Provenza of Darwin Realty brokered this sale. Currently, the site houses 14 massive storage tanks and multiple smaller buildings. Within the next few weeks, Bridge will begin demolishing these structures, along with other site remediation work. The company will widen Franklin Ave. on the northern boundary, adding right-turn and left-turn lanes, and install two new traffic signals at the site's entrances from Belmont Ave. and Franklin Ave.

The site will eventually have 656,189 square feet of industrial space in three 32' clear buildings, encompassing 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. Bridge will deliver all three in the third quarter of 2018.

Provenza and Rick Daly, also of Darwin, have been named exclusive leasing representatives for the property.

“This is one of the more visible and notable new industrial developments in Chicago in recent years, on an irreplaceable infill site in one of Chicago's more dynamic industrial submarkets,” Groetsema says.