Bridge Point Bedford Park Sells to Institutional Investor

Morgan Stanley fund just bought a spec industrial building in the southwest suburbs from a local developer.

Prime Property Fund, a company affiliated with the New York-based financial services firm, paid more than $21.5 million for the nearly 220,000-square-foot distribution center at 6855 West 65th Street in Bedford Park, public documents show.

Bridge Development Partners purchased the 12-acre site for $3.9 million in December 2018. The firm demolished an old perfume factory on the property to make way for the new development, which was financed with a $12.3 million construction loan from Simmons Bank.