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

Dec.December 31, 2018 09:00 AM

The Mormon Church’s Russell Nelson and Property Reserve President Ashley Powell with 555 Northwest Avenue (Credit: NAIOP, KUER, and CBRE)

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.

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