HSA COMMERCIAL REAL ESTATE AND BRIDGE DEVELOPMENT PARTNERS PRINCIPALS ACQUIRE 517,887 SF PROPERTY
Cold storage facility in Chicago's south suburbs is 100% leased
March 1, 2007
(Chicago –March 1, 2007) HSA Commercial Real Estate's Jack Shaffer, chairman, and Robert E. Smietana, vice chairman and CEO, have formed an investment partnership with Ron Frain, principal of Bridge Development Partners, and purchased a 517,887-square-foot industrial cold storage facility at 450 Central Avenue, University Park, Ill. They were joined in this joint venture by an investment fund managed by Blue Vista Capital Management LLC, an investment management firm headquartered in Chicago.
The 100% leased property was acquired from University Park Cold Storage, LLC. Continental Refrigerated Services has a 20-year lease for the majority of the facility. The remainder of the building is leased to another small user. Mathew Terry of Marcus & Millichap's Long Beach office and John Abuja of Marcus & Millichap's Chicago office brokered the deal.
Constructed in 2004, the building sits on 30 acres, provides over 200,000 square feet of freezer/cooler space and has 24' to 32' ceiling heights.
Celebrating 26 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate across the United States with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 7,000 transactions in 43 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 15 million square feet in 12 states and the firm presently owns nearly 17 million square feet of commercial property in 14 states.
Bridge Development Partners, LLC, is a Chicago-based, privately owned commercial real estate development firm, founded in 2000 to develop and acquire industrial properties throughout Chicagoland. To date, Bridge has developed or acquired more than 3 million square feet of industrial and office buildings in the Chicago metropolitan market.
Blue Vista Capital Management LLC is a real estate investment management firm headquartered in Chicago, Ill., founded in 2002 by Robert G. Byron, George H. Huber and Peter Stelian. To date, Blue Vista has created and sponsored 3 private real estate equity funds designed to provide equity capital to local operating partners. For further information, please visit www.bluevistallc.com.
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