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.
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.