Bridge Development Partners, LLC has purchased 133 N. Swift Road, an 87,640-square-foot industrial facility located in Addison, Illinois. Prior to the close of the sale transaction, Bridge successfully negotiated a long-term lease renewal agreement with Associated Material Handling Industries, Inc., which occupies the entirety of the property.
Bridge’s plans for the facility call for an extensive property enhancement program, through which it will construct a remote warehouse restroom, increase lighting throughout the facility, repaint, improve the building’s exterior aesthetic and add carpeting and new ceiling tiles to the 20,000-square-foot high-end headquarters office.
“There were a number of moving parts involved in the transaction process that had to be successfully executed prior to our actual acquisition of the property,” said Steve Groetsema, Partner, Midwest region, Bridge Development Partners. “In addition to securing a loan with an institutional lender, our team was able to very quickly negotiate a long-term lease renewal with Associated—which was initially noncommittal about its renewal plans—by collaborating on a list of capital improvements and expenditures that will enhance the building’s functionality and improve its long-term value.”
Corey Chase of Newmark Knight Frank represented the seller in Bridge’s acquisition of the 4.65-acre site, located in the DuPage County submarket, and was also the sole broker involved in the lease renewal transaction. Terms of the sale were not disclosed.
Directly off of the four-way interchange of I-355 at Army Trail Road, the property features tollway frontage, proximity to O’Hare International Airport, the interstate system, executive housing and a massive workforce population. The mission critical location for Associated and is situated at the midpoint location between the company’s two largest concentrations of its customer base: the O’Hare Airport submarket to the north and the I-55 submarket to the south.