Venture Plans Facility for Freeman, Along With and 226,000-SF Spec Industrial Project
A joint venture of Chicago-based Bridge Development Partners, LLC and Akard Street Partners has acquired nearly 41 acres at 8201-8401 W. 47th St., for two industrial projects in southwest suburban McCook, IL.
On 25 acres of the site, the venture plans to begin a 365,359-square-foot build-to-suit corporate facility for Dallas-based Freeman, a global events marketing firm. The facility will include 30-foot clear heights, 50 docks and substantial car and trailer parking. Freeman already operates an audio-visual location in McCook.
Akard Street Partners is a partnership created by the Teachers Retirement System of Texas and Hunt Realty Investments, Inc., the real estate investment management unit for Hunt Consolidated, Inc., part of the Hunt family of companies directed by oilman Ray L. Hunt.
Privately owned Bridge Development Partners is focused on the development and acquisition of industrial and office real estate in the Chicago and South Florida areas.
Jerry Sullivan and Ed Wabick of Chicago’s Paine/Wetzel represented Freeman locally in the 15-year lease and build-to-suit transaction along with Tom Sutherland of CASE Commercial Real Estate
Partners in Dallas. Vern Schultz and Tom Condon of Colliers International represented Bridge.
In the next phase of development on the remaining 15 acres, Bridge plans to break ground early in the fourth quarter on a 226,000-square-foot speculative industrial facility,. Bridge has retained Schultz and Condon to serve as exclusive leasing agents for the project, which is divisible to 50,000 square feet and slated for completion next summer.
Both facilities will be designed by Itasca, IL-based Cornerstone Architects Ltd. and constructed by Des Plaines, IL-based Premier Design + Build Group, LLC.