Bridge Industrial Acquires Former Progress Rail Site in McCook, IL
Investment manager and real estate operator begins demolition & construction on nearly 1.2 million SF of warehouse space in prime infill Chicago submarket
McCook, IL. (January 14, 2022) – – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has acquired 87 acres of land at 9301 W. 55th Street in McCook, Ill., which was previously home to Caterpillar manufacturer Progress Rail. Bridge plans to construct two state-of-the-art warehouse buildings, comprising 999,126 square feet and 189,953 square feet, respectively, on the site.
Progress Rail reduced the footprint of its McCook manufacturing plant earlier this year, after announcing its plans to relocate its locomotive production in 2018. Progress Rail will continue to operate on the remainder of the area not sold to Bridge. Demolition of the existing structures will begin in January 2022 and Bridge expects to complete construction in mid-2023.
The larger of Bridge’s two planned buildings will feature 201 exterior docks, 4 drive-in doors, 211 trailer positions, and parking for 508 cars, with 40-foot clear heights throughout. The second smaller facility will include 43 docks, two drive-in doors, 48 trailer positions, and 222 car parking spaces, with 36-foot clear heights. The site will also feature 137 excess trailer stalls that can be fully secured.
“This project is really exciting for Bridge because of our ability to deliver state-of-the-art product in such an infill location. The larger building will be the biggest available building within a 20-minute drive of the City of Chicago,” said Nick Siegel, Partner for Bridge’s Chicago Region. “Finding a site of this size and scale is so rare in this supply constrained area. This is our fourth project in McCook since 2012 and we are looking forward to continuing to partner with the Village to bring new Class A product online in the region.”
The McCook site is strategically located — affording future tenants access to a broad pool of skilled labor and over 6 million consumers. The property also offers a 30-minute drive to Chicago O’Hare International Airport; a 15-minute drive to Chicago Midway International Airport; and just 20 minutes to Chicago’s Central Business District. It is also located just two miles from I-55, Illinois’s major north-south thoroughfare, and Illinois Route 171.
With over 2.4 million square feet currently under construction, Bridge continues to expand its footprint in the Chicago region — breaking ground or closing on six new projects since the beginning of 2021, all set to be delivered throughout 2022, 2023, and 2025: Bridge Point Downers Grove III, totaling 126,445 square feet; Bridge Point Schiller Park III and IV, comprising 62,174 square feet and 52,100 square feet respectively; Bridge Point Des Plaines, planned to total 184,240 to 227,245 square feet; Bridge Point Mundelein, totaling 320,365 square feet; and the 1,539,789-square-foot Bridge Point Melrose Park.
