Chicago-based Bridge Development Partners LLC has acquired a 212,200-square-foot industrial facility at 2201 Lunt Ave., Elk Grove Village, from Minnetonka, Minn.-based Welsh Companies. Bridge and its capital partner, Wanxiang America Corp. of Elgin paid $3.6 million for the property.
Built in the 1960s, the facility is located at the southeast corner of Lunt Avenue and Nicholas Boulevard with direct access to Interstate 90 in the heart of the O’Hare submarket. It is currently leased to stationery company House of Doolittle and trucking firm CR Express.
Bridge plans to redevelop the property into a state-of-the-art air cargo building with 32-foot clear ceiling heights and 35 docks. Construction is currently scheduled for spring 2013.
“As the Chicago industrial market continues to stabilize, we are confident that the O’Hare submarket will be one of the first to see new construction. We are excited to have a position in this infill submarket for future development,” said Tony Pricco, principal with Bridge.
David Bercu, Thomas Rodeno and Patrick Turner of Colliers International represented Welsh in the sale and will continue as exclusive leasing agents for Bridge.
