Chicago-based Bridge Development Partners LLC has closed on five Chicago area transactions in a venture with Dallas-based Hillwood Development Co. The joint venture is comprised of Bridge’s five latest industrial real estate projects totaling nearly 900,000 square feet and valued at $80 million, including:
?600 Corporate Woods Dr., Vernon Hills, a 103,000-square-foot industrial building;
?4350 Pinehurst Blvd., Addison, an industrial property totaling 85,800 square feet;
?2727 E. Higgins Road, Elk Grove Village, a vacant, 184,406-square-foot industrial facility that Bridge plans to redevelop into a state-of-the-art air cargo building;
?2201 Lunt Ave., Elk Grove Village, a 212,200-square-foot industrial facility also scheduled for redevelopment into a speculative air cargo building in 2013; and
?8424 W. 47th St. in Lyons, a 312,000-square-foot cold storage facility.
“Our joint venture partnership with Hillwood provides another capital source for our infill development strategy in Chicago and South Florida,” said Steve Poulos, principal and co-founder of Bridge Development Partners. “We are excited about this relationship and look forward to completing many more transactions — between $150 million and $200 million per year — with Hillwood.”