CBRE recently represented both the owner and tenant in a 124,409-square-foot lease at 555 Northwest Avenue in Northlake, Illinois. Steve Livaditis, senior vice president, represented Frozen Assets Cold Storage in the lease while John Suerth and Jason Lev represented ownership, Bridge Development Partners.
Frozen Assets is a third-party provider of temporary storage, turn-key packing, labeling and transportation/export logistics for the cold storage industry. They operate another facility in Chicago on Western Avenue in the city’s Heart of Chicago neighborhood.
“This marks our fifth transaction with Frozen Assets Cold Storage. We are proud to be a part of the company’s continued growth and success and thrilled we could accommodate their expansion within our cold storage facility,” said Anthony Pricco, president of Bridge Development Partners.
According to a recent CBRE report, Illinois is one of the top 10 markets nationally for cold storage, with 188 million cubic feet of space.
“We continue to see third-party cold storage providers thrive in this market,” said Livaditis. “As the importance of last-mile logistics continues to expand, we should see even more activity as this market grows.”