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Industrial Developers, Investors Not Slowing Down

Duke will pay more than $500 million for a national portfolio developed by Bridge, which has even more space ready to sell.

By Brian J. Rogal | brianjrogal | Updated on October 05, 2017

chi-FranklinParkRendering (2) Bridge Development Partners plans to develop a set of buildings to replace a collection of storage tanks in Franklin Park, IL, part of its $1.3 billion pipeline.

CHICAGO—Bridge Development Partners, LLC has just agreed to sell a 10-building industrial portfolio totaling 3,424,732 square feet to Duke Realty Corp. for about $515 million. The Chicago-based Bridge recently put the finishing touches on each of these state-of-the-art “last-mile” distribution facilities, located in the nation’s top infill markets of Southern CA, NJ and South FL, and quickly finding a buyer like Duke will almost certainly whet its appetite for more construction. The company also has plans to complete other major sales.

“Investors are all trying to get into the last-mile sector, especially in core markets,” Steve Poulos, Bridge’s founder and chief executive officer, tells GlobeSt.com.  “These properties are highly sought after,” partly because they are so hard to create. The company has already been hard at work across the nation buying land, clearing infill sites, cleaning up environmental problems, and putting up such distribution centers. “This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017.” And hundreds of millions in additional sales could close in the first few months of next year.

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