Industrial Midwest

Bridge Development acquires Green Oaks Business Center in Lake County

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Bridge Development Partners LLC has acquired Green Oaks Business Center, a three-building, 461,943-square-foot industrial park at 13820-13950 Business Center Drive in north suburban Green Oaks from Highland Park-based International Airport Centers.

Bridge Development Partners LLC has acquired Green Oaks Business Center, a three-building, 461,943-square-foot industrial park at 13820-13950 Business Center Drive in north suburban Green Oaks from Highland Park-based International Airport Centers.  New York Life was Bridge’s capital partner.

Green Oaks Business Center is situated on 25 acres along Route 176 just east of Interstate 94 and is currently nearly 70 percent leased to ITW Paslode, Neptun Lighting Inc., Office Concepts and Advanced Packaging and Fulfillment Inc.

“The Green Oaks portfolio fit perfectly within our target investment of value-add, institutional-quality industrial facilities located in infill, core submarkets,” said Steve Poulos, principal of Bridge Development.

Jeff Devine, Steve Disse, Jeffrey Kahan and Fred Regnery of Colliers International represented the International Airport Centers in the transaction.  Bridge has retained Colliers’ Jack Rosenberg, Regnery and Ned Frank to serve as leasing agents at Green Oaks.

This is Bridge’s second acquisition in the Chicago area this quarter, bringing its total industrial property acquired in 2011 to nearly 800,000 square feet.  It purchased a 312,000-square-foot cold storage facility in Lyons in December.