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Bridge Development Partners divests 2 Illinois warehouses for about $200M

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Bridge Development Partners divests 2 Illinois warehouses for about $200M

Bridge Development Partners LLC sold two suburban warehouse developments in Illinois, totaling 1.4 million square feet, to Morgan Stanley's Prime Property Fund, for approximately $200 million, Crain's Chicago Business reported.

The fund paid $111.6 million for the warehouse at Bridge Point Franklin Park, according to Real Capital Analytics, and $83.4 million for the warehouse at Bridge Point Downers Grove, according to DuPage County property records.

The three-building Franklin Park project, totaling about 740,000 square feet, is nearly 50%-leased, while the three-building, 680,000-square-foot Downers Grove is about 25% leased, the publication added. Bridge completed both developments in 2018.

Tenants at Franklin Park include Agility, Flexport and Mainfreight. ThyssenKrupp, Remedi SeniorCare and Cooper's Hawk Winery lease one warehouse at Downers Grove, while two other buildings are empty.

A Morgan Stanley representative did not return an email from the publication.