Bridge buys former Hostess bakery to redevelop as distribution space
SCHILLER PARK -- Bridge Development Partners has acquired the former Hostess Brands bakery in Schiller Park and place to redevelop the structure into a distribution facility designed for smaller companies.
Terms of the acquisition were not announced.
Located at 9555 & 9655 W. Soreng Ave., Bridge will demolish the facilities on the approximately 200,000 square feet of space and develop Bridge Point Schiller Park, consisting of an 84,700-square-foot building on 4.2 acres and a 72,825-square-foot building on 5.71 acres. Core and shell completion is slated for the early third quarter of 2017.
Chicago-based Bridge is conducting the acquisition and redevelopment process in a joint venture partnership with Akard Street Partners, an investment partnership managed by Hunt Realty Investments.
"Bridge Point Schiller Park represents Bridge's fifth O'Hare area redevelopment since 2012," said Steve Groetsema, Principal -- Chicago Market at Bridge Development Partners. "The location and design of these buildings make them ideal for tenants seeking state-of-the-art product in the range of 15,000 to 85,000 square feet, a segment that's underserved in the O'Hare market."
The property's seller, Kansas City-based Hostess Brands, was represented by Geoff Dowling and Daniel Tobin of CTK Chicago Partners. Bridge was represented by Tom Rodeno and Patrick Turner of Colliers International. Rodeno and Turner will be the listing agents of the two facilities to be constructed on site.
The Schiller Park bakery closed in 2014, shortly after Hostess Brands emerged from two years of bankruptcy protection as a restructured company under new owners Apollo Global Management and C. Dean Metropoulos and Co. In 2016, the owners sold a majority stake to Los Angeles-based private equity firm the Gores Group for approximately $725 million.
Hostess began making its iconic CupCake in Chicago in 1919. The company's offerings expanded over the years and include the iconic Twinkie and Ho-Hos brands.