Bridge Development buys Bolingbrook industrial complex for $74M

Bridge’s Steve Poulos and the complex

Bridge Development Partners bought a massive industrial complex in Bolingbrook for $73.5 million, its latest acquisition in the hot Chicago industrial market.

The Chicago-based firm bought the 742,000-square-foot Fountain Square Commerce Center near Interstate 55 and Remington Road from Conor Commercial Real Estate and LaSalle Investment Management, according to REJournals.

The two-year-old industrial park includes four buildings ranging from 109,000 to 321,000 square feet. Bridge plans to develop a 216,000-square-foot spec building on 12 vacant acres at the site, bringing the complex to some 957,000 square feet across 67 acres.

Bridge already signed two tenants new long-term leases for a total of 132,000 square, raising the occupancy from 40 percent to 60 percent.

Colliers International’s Jeff Devine and Steven Disse represented the sellers. Jim Estes and David Bercu of Colliers will continue to market and lease the property under Bridge.

Bridge earlier this year bought a 33-acre property with some 566,000 square feet of industrial space in Cicero for $11.7 million and secured a $41 million loan for a spec warehouse in Downers Grove.

The firm also has been active in the Florida industrial market.

Conor Commercial, meanwhile, sold a 385,000-square-foot industrial complex in Elgin to Cabot Properties for $29.9 million.

With vacancy rates dropping and rents jumping, investment sales of Chicago-area industrial properties could set a new record this year. [REJournals] — John O’Brien

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