CHICAGO -- Bridge Development Partners recently sold four industrial buildings totaling 491,010 square feet in Chicago's O'Hare market for $69.3 million.
The Bridge O'Hare Portfolio sale included 1701 Nicholas Blvd., a 150,520-square-foot building in Elk Grove Village, 11600 Grand Ave., a 182,965-square-foot building in Northlake, 9555 Soreng Ave., a 72,825-square-foot building in Schiller Park, and 9655 Soreng Ave., an 84,700-square-foot building in Schiller Park.
The buildings were completed between mid-2014 and July 2017. The portfolio was 78 percent leased at the time of sale, with an average weighted remaining lease term of more than nine years. Tenants include Pilot Air Freight Corp. (182,965 square feet), NNR Global Logistics USA, Inc. (150,520 square feet) and Fujitrans U.S.A., Inc. (31,056 square feet).
The buyer, an institutional investor, was undisclosed. No third-party brokers were involved in the transaction.
"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," said Steve Groetsema, principal and Chicago market officer at Bridge Development Partners. "These buildings are truly irreplaceable real estate with a phenomenal tenant roster."