Bridge Development Completes 2 Chicago Industrial Deals

The company sold a four-property portfolio in the O'Hare submarket for $69 million and purchased a 48-acre industrial site in Franklin Park.

Franklin Park rendering
Franklin Park rendering

Bridge Development Partners completed two deals in Chicago’s growing O’Hare industrial market, the disposition of a $69 million portfolio sale and the acquisition of 48 acres in Franklin Park for $27 million. 

Comprising four buildings with a total of 491,000 square feet, the portfolio featured the following properties: 

  • 1701 Nicholas Blvd., 150,520 square feet, Elk Grove Village
  • 11600 Grand Ave., 182,965 square feet, Northlake
  • 9555 Soreng Ave., 72,825 square feet, Schiller Park
  • 9655 Soreng Ave., 84,700 square feet, Schiller Park

The buildings were completed between mid-2014 and July. Tenants include Pilot Air Freight, NNR Global Logistics and Fujitrans. The properties were 78 percent leased upon the time of sale.

Active development site

Bridge Development’s purchased site is located at 10601 Franklin Ave. in Franklin Park. Formerly owned by Magellan Pipeline Co., the site will be redeveloped to comprise three buildings totaling 656,000 square feet. The location offers easy access to interstates 290 and 294, O’Hare International Airport and tollway visibility along Interstate 294. 

Darwin Realty’s Jeff Provenza brokered the land sale, and Provenza and Rick Daly were named the exclusive leasing reps for the property.

Last month, Bridge completed Bridge Point I-95 in Fort Lauderdale, Fla., a two-building, 306,446-square-foot business park.

Image courtesy of Bridge Development Partners