Conor Commercial Real Estate announces the sale of Fountain Square Commerce Center, a four-building, 741,586-square-foot Class A multi-tenant industrial portfolio in Bolingbrook, Illinois. It was purchased by Chicago-based Bridge Development Partners for $73,500,000. Jeff Devine and Steve Disse of Colliers International | Chicago represented Conor Commercial and partner LaSalle Investment Management in the transaction.
“We are very excited for the sale of Fountain Square,” states David Friedman, President of Conor Commercial. “We are proud to have developed a high quality space in a prime location, designed with future tenants in mind. It generated an attractive development return for Conor and LaSalle, while providing an attractive value-added investment opportunity for Bridge.” Friedman also notes that this deal comes on the heels of the firm’s September sale to Cabot Properties of Northwest Pointe II, a 385,372-square-foot industrial building they developed and stabilized in Elgin, Illinois.
As a merchant developer, Conor Commercial’s goal is to develop, lease, and profitably sell properties; Fountain Square is the latest example of the firm executing on this mission.
“Fountain Square is one of the highest quality industrial complexes in the I-55 Corridor and represents one of the best environments for mid-sized tenants,” said Jeff Devine, a Principal with the Chicago office of Colliers International.
The Class A multi-tenant business park includes four buildings ranging in size from 109,088 to 320,532 square feet. At the time of sale, two of the four buildings were 100% leased. The remaining 439,099 square feet of space will be aggressively marketed as some of the best multi-tenant space in the I-55 corridor.
Tenants enjoy ample on-site vehicle and truck parking, substantial dock door positions, efficient truck maneuverability, 32′ clear height, ESFR sprinkler systems and office space to suit individual tenants. The warehouse and distribution facilities are conveniently located between two, four-way interchanges at Weber Road and Route 53 on I-55 and is in close proximity to the I-355 interchange. The master-planned industrial complex offers extensive landscaping and state-of-the-art facilities.
Buyer, Bridge Development Partners also plans to develop a 216,320-square-foot speculative facility on the adjoining 12.03 vacant acres, which was included in the sale.
Completed in 2016, McShane Construction Company and Ware Malcomb provided the design/build construction services for Fountain Square Commerce Center.