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Mormon Church venture buys west suburban warehouse for $71M
Salt Lake City-based Property Reserve Incorporated picked up the Bridge Point complex in Northlake from Prudential
A venture of the Church of Jesus Christ of Latter-Day Saints acquired a west suburban industrial property.
Salt Lake City-based Property Reserve Incorporated paid $70.6 million for the Bridge Point complex at 555 Northwest Avenue in Northlake from Prudential Real Estate Investors, according to Cook County records.
The 257,000-square-foot complex includes tenants Frozen Assets Cold Storage and Home Depot, which signed a lease to operate a distribution facility there earlier this year.
Property Reserve was founded in 1961 and is a real estate investment arm of the Mormon Church, according to Bloomberg.
The Northlake deal gives the Mormon Church a piece of Chicago’s lucrative industrial market, which had a big year in 2018 for both leasing and investment sales.
Earlier this year, and affiliate of Property Reserve bought a 40-story apartment tower in the South Loop, its first foray into Chicago’s multifamily market. Chicago-based Golub & Company and Los Angeles-based CIM Group sold the 40-story, 397-unit high-rise at 1001 South State Street for an undisclosed price.
Golub/CIM venture refinanced the building in December 2017 with a $148.8 million loan from an affiliate of Salt Lake City-based Property Reserve that sources said was actually part of a deal to transfer ownership of the property to the Mormon Church.