CRE Midwest

Bridge completes two leases at cold storage facilities in Chicago, Lyons

lyons-8424-W-47th

Chicago-based real estate investment firm Bridge Development Partners LLC has completed a new, 59,121-square-foot lease with Miami-based Quirch Foods Inc. at 8424 W. 47th St. in Lyons. Separately, at another cold storage facility at 2658 S. Leavitt St. in Chicago, Bridge renewed tenant Alpha Baking Co. in a 10-year, 53,644-square-foot lease.

Chicago-based real estate investment firm Bridge Development Partners LLC has completed a new, 59,121-square-foot lease with Miami-based Quirch Foods Inc. at 8424 W. 47th St. in Lyons. Separately, at another cold storage facility at 2658 S. Leavitt St. in Chicago, Bridge renewed tenant Alpha Baking Co. in a 10-year, 53,644-square-foot lease.

New tenant Quirch, established in 1967, is a distributor, importer and exporter of food products to the food retail and food service industries and will open its first Midwest location at the 314,000-square-foot cold storage facility, a joint venture between Bridge, Wanxiang America Real Estate Group and Hillwood Investment Properties.  Hasak Cold Storage, Kemps and Registry Steaks & Seafood Ltd. remain tenants at 8424 W. 47th St. and bring the property to 81 percent occupancy. In the new lease, Quirch was represented by Scott Duerkop and Conor Mullady of Jones Lang LaSalle; ownership was represented by Steve Connolly and Larry Much of NAI Hiffman.

"There is so little vacancy for state-of-the-art cold storage product in Chicago’s infill locations, and in this market you can re-tenant space with no downtime or execute early extensions with great tenants like Quirch and Alpha," said Director of Leasing Steve Groetsema.

Alpha Baking, the Chicago-based, national distributor of fresh and frozen breads, rolls and buns since 1935 will continue its distribution of frozen foods at 2658 S. Leavitt St. The facility is a joint venture of Bridge and Hunt Realty Investments Inc.  Dennis Salinas of Lowenbaum REP represented Alpha in the lease renewal.