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.”
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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.
