CHICAGO—Cold storage is one of commercial real estate's niche sectors, but it's also one where demand is high for new product. Bridge Development Partners, LLC, one of the leading providers for the Chicago region, has just secured a lease with Frozen Assets Cold Storage for 132,000 square feet at Bridge Point Northlake, its new 256,752 square foot facility in Northlake, IL.
Jason Lev and John Suerth of CBRE represented Bridge in the transaction. Steve Livaditis, also of CBRE, represented the tenant.
“We've seen a surge in demand for high-quality cold storage space, far in excess of new supply,” says Brian Niven, cold storage principal at Bridge. “In fact, Bridge Point Northlake is the only available freezer space of this scale inside I-290/294. We still have about 120,000 square feet to lease, but with this level of demand we're confident that the remaining space will go quickly.”
Located at 555 Northwest Ave. Bridge Point Northlake is located at the geographic center of the Chicago region. The property is minutes away from O'Hare International Airport, with immediate access to I-294 and I-290 and proximity to I-90, I-88 and I-355. The site also benefits from proximity to the Union Pacific Intermodal to the south and the Canadian Pacific Intermodal to the north.
The newly constructed and redeveloped property features clear ceiling heights of 32 to 40 feet, 4,000-amp power feed, an ESFR sprinkler system, 104 dock positions, and 91 trailer stalls.
The Chicago-based Frozen Assets provides cold storage, freezing, blast freezing, exporting, labeling, and cross-docking services. The lease at Bridge Point Northlake represents an expansion of its business.
As reported in GlobeSt.com, earlier this year Bridge recapitalized three of its cold storage properties in the Chicago region in a deal with Investcorp International Realty, Inc. A mix of third-party logistics firms and direct distributors of cold storage product leased 93% of that 715,000 square foot portfolio, located in Chicago, Lyons and Bartlett.
CHICAGO—Cold storage is one of commercial real estate's niche sectors, but it's also one where demand is high for new product. Bridge Development Partners, LLC, one of the leading providers for the Chicago region, has just secured a lease with Frozen Assets Cold Storage for 132,000 square feet at Bridge Point Northlake, its new 256,752 square foot facility in Northlake, IL.
Jason Lev and John Suerth of CBRE represented Bridge in the transaction. Steve Livaditis, also of CBRE, represented the tenant.
“We've seen a surge in demand for high-quality cold storage space, far in excess of new supply,” says Brian Niven, cold storage principal at Bridge. “In fact, Bridge Point Northlake is the only available freezer space of this scale inside I-290/294. We still have about 120,000 square feet to lease, but with this level of demand we're confident that the remaining space will go quickly.”
Located at 555 Northwest Ave. Bridge Point Northlake is located at the geographic center of the Chicago region. The property is minutes away from O'Hare International Airport, with immediate access to I-294 and I-290 and proximity to I-90, I-88 and I-355. The site also benefits from proximity to the Union Pacific Intermodal to the south and the Canadian Pacific Intermodal to the north.
The newly constructed and redeveloped property features clear ceiling heights of 32 to 40 feet, 4,000-amp power feed, an ESFR sprinkler system, 104 dock positions, and 91 trailer stalls.
The Chicago-based Frozen Assets provides cold storage, freezing, blast freezing, exporting, labeling, and cross-docking services. The lease at Bridge Point Northlake represents an expansion of its business.
As reported in GlobeSt.com, earlier this year Bridge recapitalized three of its cold storage properties in the Chicago region in a deal with Investcorp International Realty, Inc. A mix of third-party logistics firms and direct distributors of cold storage product leased 93% of that 715,000 square foot portfolio, located in Chicago, Lyons and Bartlett.
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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.
