One year after its purchase of 40.86 acres at 8201-8401 W. 47th Street in southwest suburban McCook, Illinois, for the construction of build-to-suit and speculative projects, Bridge Development Partners has sold its 365,359-square-foot build-to-suit corporate facility for Dallas-based Freeman Decorating Services, Inc., to American Realty Advisors, for one of its client portfolios.
American Realty Advisors is one of the nation’s premier investment managers of institutional quality commercial real estate including office, retail, industrial, multifamily residential, and hotel. The Glendale, California-based company has over $6.2 billion in assets under management, as of June 30, 2014.
“American was seeking a long-term net-asset investment with good credit and the Freeman building offered that in a quality property in a prime in-fill location with close proximity to the City of Chicago,” said Bridge principal Tony Pricco.
In July 2013, Freeman, represented by Jerry Sullivan and Ed Wabick of Chicago’s Paine/Wetzel TCN Worldwide, and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas, signed a 15-year lease for the build-to-suit transaction. The site features substantial auto and trailer parking and is near the city of Chicago and McCormick Place where Freeman conducts much of its trade-show business.
Bridge acquired the McCook site with Akard Street Partners, an investment partnership operated by Hunt Realty Investments, Inc. Phase two of the development on the remaining 15 acres of the site is a 226,196-square-foot speculative industrial facility, divisible to 50,000 square feet. Vern Schultz and Tom Condon of Colliers International are the exclusive leasing agents for the project.
Both McCook facilities were designed by Itasca, Ill.-based Cornerstone Architects Ltd. and constructed by Des Plaines, Ill.-based Premier Design + Build Group, LLC.
