U.S. Bridge Development pays $74 mln for Fountain Square Commerce Center

U.S.-based commercial real estate investment trust Bridge Development Partners paid nearly $74 million for a four-building warehouse property in Bolingbrook, one of the biggest industrial real estate deals in the Chicago area in nearly three years.

Bridge Development said it has acquired Fountain Square Commerce Center, a 742,000 square foot project near Interstate 55 and State Route 53, from U.S.-based real estate developers, Conor Commercial Real Estate and LaSalle Investment Management.

The company expects to add value by acquiring the site and making strategic improvements through new development and enhanced leasing operations, aimed at attracting a very diverse roster of logistics and manufacturing businesses.

Bridge also said that the sale provided a cash-out opportunity amid a red-hot industrial market, arguably the strongest real estate sector in the Chicago area today. It also plans to construct the fifth building on the property totalling 216,300 square feet.