September 17, 2019
TypeDeal, Press Release
Bridge Development Partners, LLC announced that it has sold three state-of-the-art industrial distribution buildings at Bridge Point North Business Park, Phase II of the master-planned campus, in Waukegan, IL., to AEW, a global real estate investment advisor. The buildings total 926,947 square feet, broken down to 544,429 square feet at Building III, 154,266 square feet at Building IV, and 228,252 square feet at Building V. The properties were 68% leased to two tenants at the time of sale.
After acquiring the campus in 2015, Bridge successfully re-developed the formerly private site through annexation into the Village of Waukegan and significant infrastructure upgrades. Re-development included extensive infrastructure improvements costing more than $30M, spanning three fully signalized intersections, annexation into the City of Waukegan, and negotiation of a long-term TIF Agreement. The modern, Class-A, 225-acre business park boasts top-of-the-line features including buildings with 32-36’ clear ceiling heights, ample parking for trucks, trailers, and cars, exterior loading docks, and more, and a prime location along the thriving Interstate 94 logistics corridor.
“We’re extremely proud of what we’ve created at Phase II of Bridge Point North Business Park – developing a superior tenant roster, that has created new jobs, tax revenue and economic vitality for the City of Waukegan and the surrounding area,” said Steve Groetsema, Partner and COO at Bridge Development Partners. “This sale is a prime example of our unique ability to create state-of-the-art industrial campuses capable of attracting forward-thinking companies primed for success in today’s economy.”
Phase II is currently 68 percent leased. Phase II’s largest building – Building III – is home to the Bolke-Miller Company, who signed a long-term lease for 402,646 square feet. Bolke-Miller is a prominent contract packaging company that specializes in secondary packaging for Fortune 500 companies in the food and beverage industry.
Another prominent tenant is Thermoflex, who is currently signed on for a long-term lease for the entirety of Building V (228,252 square feet). Thermoflex is a long-time leader in developing and producing automotive accessories, including all-weather floor mats, protectors and exterior trim applications.
Bridge Point North Phase II is just 1.5 miles from the four-way interchange at I-94 and Illinois Route 137, only 30 minutes to O’Hare International Airport, and 35 minutes away from Mitchell International Airport in Milwaukee.
Michael Caprile, Zach Graham and Ryan Bain of CBRE National Partners represented Bridge in the transaction.