Bridge Development Maintains Momentum In O'Hare Industrial Submarket
Bridge Development Partners is maintaining its momentum in the busy O’Hare industrial market. The firm completed a portfolio sale worth $69M, while concurrently acquiring 48 acres in Franklin Park in a $27M deal.
The four buildings Bridge sold total 491K SF in total footprint:
- 1701 Nicholas Blvd., a 150,520 SF building in Elk Grove Village;;
- 11600 Grand Ave., a 182,965 SF building in Northlake;
- 9555 Soreng Ave., a 72,825 SF building in Schiller Park; and
- 9655 Soreng Ave., an 84,700 SF building in Schiller Park.
The buildings were completed between mid-2014 and July, and the portfolio was 78% leased at the time of sale, with an average weighted remaining lease term of more than nine years with tenants including Pilot Air Freight, NNR Global Logistics and Fujitrans.
Bridge Development principal Steve Groetsema said the land site at 10601 Franklin Ave. in Franklin Park will become one of the more visible and notable new industrial developments in an active and steady O’Hare submarket. The site, formerly owned by Magellan Pipeline Co., will eventually be redeveloped into a three-building spec complex. The buildings will total 656K SF, and the site has highly desirable access to Interstate 290 and 294, O’Hare International Airport and rare tollway visibility along I-294.
Darwin Realty’s Jeff Provenza brokered the land sale, and Provenza and Rick Daly were named the exclusive leasing reps for the property.
