Bridge Development Partners, LLC announced that it has recapitalized a portfolio of three Chicago-area cold storage warehouse properties to Investcorp International Realty, Inc. for an undisclosed amount. The 715,000-square-foot portfolio is 93 percent leased to a mix of third-party logistics (3PL) firms and direct distributors of cold storage product.
“Bridge’s cold storage strategy is to develop and acquire cold storage assets in core supply constrained industrial markets” said Brian Niven, principal – cold storage at Bridge. “These properties/assets were purchased, redeveloped and stabilized over the past few years as an example of our strategy. We are excited to recapitalize/partner on these assets with Investcorp and look forward to more transactions with them and additional cold storage deals in all our markets.”
The three properties include
• 2635 S. Western Avenue, a 308,000-square-foot building in Chicago;
• 8424 W. 47th Street, a 315,000-square-foot building in Lyons, Ill.
• 1544 Hecht Drive, a 92,000-square-foot building in Bartlett, Ill.
Bridge acquired the three buildings in recent years with separate joint venture (JV) partners. JLL, CBRE and NAI Hiffman represented Bridge in the transaction.