April 6, 2021
TypeDeal, Press Release
Bridge Development Partners, LLC (“BRIDGE”), a privately-owned development and acquisition firm of Class A industrial properties, has acquired a site at 5300 Belmont Road in Downers Grove, Il., which will serve as the future home of Bridge Point Downers Grove III.
BRIDGE acquired the 9.23-acre site, home to a functionally obsolete building, which it will demolish before beginning construction on Bridge Point Downers Grove III in summer 2021. The 126,445-square-foot state-of-the-art industrial facility will feature 32-foot clear ceiling heights; 13 exterior dock doors (expandable to 30); 2 drive-in doors; a 130-foot truck court; and parking for 137 cars; with the capacity to house office space based on tenant needs.
Similar to the facilities constructed in earlier phases, Bridge Point Downers Grove III will be suitable for a wide range of tenants, from full-building users to smaller users requiring as little as 25,000 square feet. Phase III is expected to be delivered in Q4 of 2021.
“We’re both eager and excited to move forward on this latest phase of our work in Downers Grove, which has continuously proven itself to be a prime location for the many industrial users seeking space in the Chicagoland market,” said Nick Siegel, Partner of BRIDGE’s Chicago Region. “The support that we received from the city was instrumental in the success of the first two phases of this project, and we’re excited to have the opportunity to again work with municipal officials to further the project’s success. With their support, we are in a position to continue attracting a wide variety of tenants, fueling the area’s economic development and furthering its recognition as a burgeoning industrial hub.”
The site sits near the intersection of two major interstate highways, just 1.2 miles from I-355 and only three miles from I-88. The property is also 27 miles from Downtown Chicago, offering prime access to the entire Chicagoland region and its amenities.
Oakbrook Center, Oakbrook Promenade and Yorktown are all less than 10 miles from the development, making this an ideal location for tenants operating in the distribution, manufacturing, food and service industries. Future tenants will also benefit from the 1.4M qualified employees located within a 30-minute drive of the development.
Bridge Point Downers Grove III follows the success of Bridge Point Downers Grove Phases I and II, which were collectively named “Industrial Spec Development of the Year” by NAIOP in 2020. Phase I, completed in 2019, is notably home to an ecommerce giant, who also ultimately leased Phase II to create a 10-acre parking lot to support its onsite logistics operations.
The seller in this transaction was represented by CBRE. BRIDGE was represented by Sean Henrick and David Friedland of Cushman & Wakefield.
In addition to Bridge Point Downers Grove III, BRIDGE currently has 421,000 square feet under development in the Chicagoland area. BRIDGE recently announced the acquisition of two properties that will become the future site of Bridge Point Schiller Park III and IV which will total 62,038 square feet and 54,080 square feet, respectively. Bridge Point Skokie is a 171,746 square foot state-of-the-art industrial facility in the O’Hare submarket, and Bridge Point I-355 is a 133,100 square foot Class A facility in DuPage County that are both set to deliver Q3 2021.