{"id":1004174742,"date":"2017-05-03T07:03:27","date_gmt":"2017-05-03T15:03:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004174742"},"modified":"2022-12-08T21:42:32","modified_gmt":"2022-12-09T05:42:32","slug":"bridge-investcorp-partner-to-recapitalize-cold-storage-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-investcorp-partner-to-recapitalize-cold-storage-deal\/","title":{"rendered":"Bridge, Investcorp Partner to Recapitalize Cold Storage Portfolio"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004174746\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004174746\" data-attachment-id=\"1004174746\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bridge-investcorp-partner-to-recapitalize-cold-storage-deal\/bridge-development-cold-storage-in-chicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;McShane Fleming Studios&quot;,&quot;camera&quot;:&quot;Canon EOS 5DS R&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1490356243&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.00125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"2635 S. Western Ave., Chicago\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2635 S. Western Ave., Chicago&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg?w=800\" class=\"wp-image-1004174746 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg\" alt=\"2635 S. Western Ave., Chicago\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Bridge-Development-Cold-Storage-in-Chicago.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004174746\" class=\"wp-caption-text\">2635 S. Western Ave., Chicago<\/p><\/div>\n<p>Bridge Development Partners LLC announced that it has joined forces\u00a0with 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\u00a0first time an institutional investor acquires a multi-tenant cold storage portfolio.<\/p>\n<p>The three properties are:<\/p>\n<ul>\n<li>2635 S. Western Ave., a 308,000-square-foot warehouse in Chicago, leased to Frozen Assets Cold Storage;<\/li>\n<li>8424 W. 47th, a 315,000-square-foot warehouse in Lyons, Ill., currently occupied by Hasak Cold Storage Co.;<\/li>\n<li>1544 Hecht Drive, a 92,000-square-foot warehouse built in 2015 and located in Bartlett, Ill.<\/li>\n<\/ul>\n<p>The deal is\u00a0part of Bridge\u2019s strategy to &#8220;<em>develop and acquire cold storage assets in core supply constrained industrial markets<\/em>,&#8221; the company\u2019s Principal Brian Niven said in a prepared statement. The 715,000-square-foot portfolio has a 93 percent occupancy rate.<\/p>\n<p>Since 2000, when Bridge became operational, the company has acquired and developed more than 16\u00a0million square feet of industrial buildings valued at more than $2 billion.<\/p>\n<p>Recently, Investcorp\u00a0has been on a\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/investcorps-400m-buying-binge-continues\/\" target=\"_blank\" rel=\"noopener\">buying binge<\/a>, as it plans to diversify its portfolio.<\/p>\n<p><em>Image courtesy of Bridge Development Partners LLC<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three warehouses total 715,000 square feet and may represent the first time an institutional investor refinances a multi-tenant cold storage portfolio. <\/p>\n","protected":false},"author":30,"featured_media":1004174746,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21825,21748,13,21742],"tags":[34456,32789,32882,32796,33414],"class_list":["post-1004174742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-finance","category-industrial","category-midwest","category-latest","tag-bridge-development-partners","tag-cbre","tag-investcorp","tag-jll","tag-nai-hiffman"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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