Bridge, Investcorp Partner to Recapitalize Cold Storage Portfolio

By Roxana Baiceanu

2635 S. Western Ave., Chicago

Bridge Development Partners LLC announced that it has joined forces with Investcorp International Realty Inc. to recapitalize three cold storage facilities located in and around Chicago. JLL, CBRE and NAI Hiffman represented Bridge in the transaction. According to the official statement, this may be the first time an institutional investor acquires a multi-tenant cold storage portfolio.

The three properties are:

• 2635 S. Western Ave., a 308,000-square-foot warehouse in Chicago, leased to Frozen Assets Cold Storage;
• 8424 W. 47th, a 315,000-square-foot warehouse in Lyons, Ill., currently occupied by Hasak Cold Storage Co.;
• 1544 Hecht Drive, a 92,000-square-foot warehouse built in 2015 and located in Bartlett, Ill.

The deal is part of Bridge’s strategy to “develop and acquire cold storage assets in core supply constrained industrial markets,” the company’s Principal Brian Niven said in a prepared statement. The 715,000-square-foot portfolio has a 93 percent occupancy rate.

Since 2000, when Bridge became operational, the company has acquired and developed more than 16 million square feet of industrial buildings valued at more than $2 billion.

Recently, Investcorp has been on a buying binge, as it plans to diversify its portfolio.

Image courtesy of Bridge Development Partners LLC