CHICAGO - Bridge Development Partners LLC has closed on five Chicagoland transactions in a joint venture with Dallas-based Hillwood Development Co.
The transactions are comprised of five industrial real estate projects totaling nearly 900,000 square feet and valued at $80 million.
The deals included 600 Corporate Woods Dr. in Vernon Hills, a 103,000 square foot industrial building; 4350 Pinehurst Blvd. in Addison, an industrial property totaling 85,800 SF; 2727 E. Higgins Rd. in Elk Grove, a vacant 184,406 SF industrial facility Bridge plans to redevelop into an air cargo building; 2201 Lunt Ave. in Elk Grove Village, a 212,200 SF industrial facility also scheduled for redevelopment into a speculative air cargo building; and 8424 W. 47th St. in Lyons, a 312,000 SF cold storage facility.
“Our joint venture partnership with Hillwood provides another capital source for our infill development strategy in Chicago and South Florida,” Steve Poulos, principal and co-founder of Bridge, says in a press release.
“We are excited about this relationship and look forward to completing many more transactions - between $150 million and $200 million per year - with Hillwood.”
Bridge is a privately owned Chicago-based commercial real estate development firm founded in 2000. Bridge has developed or acquired more than 5 million SF of industrial and office buildings in the Chicago and South Florida markets.