Industrial N Illinois

Bridge sells 491,010-square-foot O’Hare Industrial portfolio, buys land

Bridge sells 491,010-square-foot O'Hare Industrial portfolio,ph01

Bridge Development Partners sold a 419,010-square-foot O’Hare industrial portfolio and purchased land for another 656,189-square-foot development, according to a statement from the company.

The portfolio sold for a $69.2 million and concurrently Bridge acquired the 48-acre land site for $27 million for the development of three additional buildings totaling 656,189-square-feet.

The Illinois portfolio included buildings located at 1701 Nicholas Blvd. in Elk Grove Village, 11600 Grand Ave. in Northlake, 9555 Soreng Ave. in Schiller Park and 9655 Soreng Ave. in Schiller Park.

The buyer was an institutional investor. No third-party brokers were involved. The portfolio was 78 percent leased at the time of sale. Tenants include NNR Global Logistics, Pilot Air Freight Corp. and Fujitrans USA.

“This was a great opportunity for Bridge to take some chips off the table and capitalize on the current demand for best-in-class institutional industrial real estate,” Groetsema said. ”These buildings are truly irreplaceable real estate with a phenomenal tenant roster.”