Bridge Development Partners, LLC has announced the development of Bridge Point North Phase II, consisting of three state-of-the-art industrial distribution buildings totaling 926,947 SF in Waukegan, IL.
“Bridge is thrilled to announce the second phase of speculative construction at Bridge Point North. These buildings will be the fourth, fifth and sixth new facilities completed in the park within a span of 24 months. The success of the first phase and the exciting roster of tenants, combined with the early demand, led us to the beginning of construction of the second phase. With Phase II already 33% pre-leased, we’re confident that the success will continue in the park in 2018,” said Steve Groetsema, Principal – Chicago Market Officer of Bridge Development.
Three buildings will be delivered at the end of 2018:
Building 3 – Located at 1350 Bridge Drive, this state-of-the-art cross-docked distribution center will total 544,429 SF and is nearly 60 percent pre-leased to Bolke-Miller, Co., a contract packager headquartered in Waukegan. Serving tenants 100,000 SF and larger, the building features 36’ clear ceiling height, 96 exterior loading docks (expandable to 133), and above standard automobile and trailer parking.
Building 4 – The 154,266 SF facility at 3971 S. Lakeside Drive features a 32’ clear ceiling height, 57 exterior dock doors and 222 automobile parking stalls.
Building 5 – 228,252 SF building located at1550 S. Waukegan Road features 32’ clear ceiling height, 59 exterior dock doors and 245 automobile parking stalls. Buildings 4 and 5 were designed to accommodate tenants from 15,000 SF to 228,000 SF.
Bridge has named Whit Heitman, Sam Badger, Jared Paff and Brad Weiner of CBRE as exclusive leasing representatives for Bridge Point North.
Bridge Point North is owned by a joint venture that includes Bridge Development Group, Banner Oak Capital Partners, L.P., Globe Corporate, Wanxiang America Real Estate Group and an undisclosed institutional investor.
The three buildings comprise the second phase of Bridge Point North, a master-planned 225-acre business park that Bridge acquired in 2015. Bridge’s redevelopment of the site included a new park roadway network, two new or modified traffic signals, and annexation by the City of Waukegan. Since then, Bridge has completed and sold two speculative buildings totaling 1,027,606 SF, including a 626,848 SF building that was 100 percent leased to Amazon and named NAIOP’s 2017 Speculative Development of the Year. A third new construction building, a build-to-suit by owner, was delivered in the park in early-2018.