March 30, 2022
TypeDeal, Press Release
Investment manager and real estate operator will begin construction on 207,900 SF of warehousing and flex office space in prime O’Hare submarket later this year
Elk Grove Village, IL. (March 30, 2022) – – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, today announced it has acquired two parcels along Northwest Point Boulevard in Elk Grove Village, Ill., which will serve as the future home of Bridge Point Elk Grove I & II.
Bridge acquired the vacant parcels — located just one block apart from one another — from two different sellers: ADP, the American provider of human resources management software and services, and a private individual.
Following the purchase, Bridge plans to begin construction on Bridge Point Elk Grove I & II, which will include two state-of-the-art warehouses spanning 147,066 square feet and 60,834 square feet, respectively. Construction on both sites is expected to begin immediately and will be completed by June 2023.
“The O’Hare submarket continues to experience unprecedented demand from a wide variety of industrial users with a need for state-of-the-art warehousing space,” said Nick Siegel, Partner, Acquisitions at Bridge. “By outfitting Bridge Point Elk Grove I & II with significantly upgraded façades and glass features, we’re ensuring that the project will feel contextual to its surroundings while still meeting the demand for a true modern industrial facility. This location along I-90 in Elk Grove Village is ground zero for our development efforts in Chicago and we are excited to add more Class A product to the Northwest Point Road business park.”
Building I, the larger of the two planned buildings, will sit on 10.6 acres and will feature 36-foot clear heights; 14 exterior docks; two drive-in doors; parking for 164 cars; and a 130-foot truck court. The building is divisible down to 40,000 square feet for small- to mid-sized tenants, Building II, sitting on 6.78 acres, will feature 32-foot clear heights; six exterior docks; one drive-in door; and parking for 46 cars.
Both buildings will feature glass exterior facades, to blend in seamlessly with the neighboring commercial buildings along Northwest Point Boulevard.
Tom Rodeno, Matthew Stauber and Patrick Turner of Colliers will be the leasing agents for the combined project.
The future Bridge Point Elk Grove I & II is strategically located, just 1.7 miles from I-90, 8.9 miles to Chicago O’Hare International Airport, and 39 minutes from downtown Chicago. Its excellent access to Chicago’s highway system, local amenities, and the area’s strong labor pool makes it ideal for a range of users. Elk Grove Village is already home to a variety of occupiers, including light manufacturing tenants, local users, and even a few Fortune 500 companies.
Bridge has a long history of development within the O’Hare submarket, having completed over 3 million square feet in the area — just over 35 percent of all new developments — since 2013, and over 1 million square feet, constituting 43 percent of all developments, since 2020. Bridge has an additional 1.9 million square feet of projects currently under or planned for future construction in O’Hare. Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets that can meet the steady demand for last-mile and next-day delivery.