Bridge Development Partners, LLC has acquired a 312,000-square-foot cold storage facility at 8424 W. 47th Street in Lyons, Ill. from Voorhees, NJ-based United States Cold Storage, Inc. (USCS). Elgin-based Wanxiang America Corporation is Bridge's capital partner.
USCS built the facility in 1974, with an addition in 1979, and will remain a tenant in 150,000 square feet. Bridge is already in discussion with users interested in the remaining 162,000 square feet of refrigerated space, which is scarce in and around Chicago. The building is centrally located in the near southwest submarket with immediate access to Interstate 55, providing direct proximity to the city.
Steve Connolly and Larry Much of Oakbrook Terrace, Ill.-based NAI Hiffman represented USCS in the sale and will serve as Bridge's exclusive leasing agents for the property.
"We were comfortable with the risk-reward opportunity to gain a 50 percent leased building in a solid submarket with a high-quality tenant," said Tony Pricco, principal with Bridge. "The acquisition fits our portfolio and our strategy of pursuing real estate transactions that conventional developers might overlook."
USCS owns and operates two other facilities it built in Chicago's southwest suburbs and will continue to manage the refrigeration systems in the Lyons property.
"The Bridge and USCS teams worked diligently together to complete this unconventional sale, and its a hopeful sign that the investment market is improving," said Connolly.