CHICAGO—One year after its purchase of nearly 41 acres in southwest suburban McCook, Bridge Development Partners has just sold the 365,359-square-foot distribution facility it built on a portion of the site to American Realty Advisors. According to Cook County records, the price was $39 million. In July 2013, Dallas-based Freeman Decorating Services, Inc. signed a 15-year lease for this build-to-suit at 8201 W. 47th St. and has since moved from an older building on Chicago's West Side.

“American was seeking a long-term net-asset investment with good credit and the Freeman building offered that in a quality property in a prime in-fill location with close proximity to the City of Chicago,” said Bridge principal Tony Pricco in a prepared statement. He was not available for more comment by press time.

Freeman was represented in their lease negotiations by Jerry Sullivan and Ed Wabick of Chicago's Paine/Wetzel TCN Worldwide, and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas.

McCook, a town with few residents but a lot of industry, sits near Chicago and has easy highway access to the city's giant McCormick Place convention center, where Freeman conducts much of its trade-show business. “After an extensive search of the market, it became clear that McCook provided an excellent location for Freeman to serve the entire Chicagoland area,” Sullivan told GlobeSt.com last year when the deal was completed.

The Chicago-based Bridge acquired the McCook site with Akard Street Partners, an investment partnership operated by Hunt Realty Investments, Inc. For phase two, Bridge has begun developing on the remaining 15 acres of the site a 226,196-square-foot speculative industrial facility, divisible to 50,000-square-feet. Vern Schultz and Tom Condon of Colliers International are the exclusive leasing agents for the project.

Both McCook facilities were designed by Itasca, IL-based Cornerstone Architects Ltd. and constructed by Des Plaines, IL-based Premier Design + Build Group, LLC.