January 30, 2018
TypeDeal, Press Release
Bridge Development Partners, LLC has announced the acquisition of a 54-acre infill site in Downers Grove, IL., with plans to build three (3) industrial distribution buildings totaling 680,420 square feet.
Bridge Point Downers Grove, located at the northwest quadrant of Finley Road and Lacey Road, offers immediate access to Interstates 88 and 355, close proximity to Interstates 290 and 294, and unmatched visibility along both I-88 and I-355. Bridge will further improve the site by widening Lacey Road along the site’s eastern boundary.
Bridge will construct three (3) new state-of-the-art distribution facilities totaling 680,420 square feet. Building 1 will encompass 175,120 SF, building 2 will total 213,460 SF and Building 3 will be the largest at 291,840 SF. The buildings will feature 32’ and 36’ clear ceiling heights, and above-standard loading and car parking ratios.
“Bridge sincerely believes this project will be one of the most unique and notable new development starts in the Chicago industrial market in years,” said Steve Groetsema, Principal – Chicago Market Officer, Bridge Development Partners. “This is an irreplaceable large infill tract of land in Chicago’s West Suburbs submarket positioned to attract tenants from the Interstate 55, West Cook County and DuPage County submarkets, three of the region’s most dynamic submarkets. The site basically sits at the intersection of two major interstates in the middle of the dartboard of Chicago, and we think that the image and visibility that the site will offer in addition to that labor access will lead to some awesome corporate users that Downers Grove deserves.”
Bridge Point Downers Grove also features unmatched proximity to retail, restaurant and entertainment amenities, as well as executive housing and access to Chicago’s highly-skilled labor force. Architectural details of the buildings will enhance the surrounding area, which is currently home to industrial, Class A office, retail and restaurant properties.
“The site will likely appeal to corporate users who have a headquarters, heavy office or showroom component, and/or a need to be at the center of Chicagoland from a labor or distribution standpoint,” Groetsema said.
All three buildings are slated to be delivered in the fourth quarter of 2018. Jason West, Sean Henrick, Michael Magliano, Doug Pilcher and David Friedland of Cushman & Wakefield have been hired to represent Bridge in the leasing of the three buildings.
The transaction was conducted off-market, with no brokers representing either side. The seller, an undisclosed national developer that historically focuses more on other product types held the property for decades, but due to the strength of the Chicago Industrial market, decided to sell the site for industrial development.