October 22, 2019
TypeDeal, Press Release
Bridge Development Partners, LLC has officially broken ground on Phase III of its Bridge Point North project in Waukegan, IL. Phase III will consist of four new buildings, totaling 918,972 square feet, and will be the final addition to the 225-acre, master-planned Bridge Point North campus that Bridge has been actively developing since 2015.
The new buildings will range in size from 100,314 – 500,800 square feet and will cater to users from 20,000 SF and larger. Each of the four buildings will have state-of-the-art specifications including 32’ – 36’ clear ceiling heights, ample exterior dock positions and drive-in doors, and ESFR sprinklers. Building IX additionally offers frontage along Waukegan Road and over 100 trailer parking stalls.
“We are very excited to start construction on the final phase of Bridge Point North,” said Nick Siegel, Vice President at Bridge Development Partners. “The demand for state-of-the-art industrial spaces like this has truly grown in the Lake County area, and has already made this a highly successful project. As we begin developing the last available land on this site, we expect to welcome even more high-quality tenants looking to take advantage of our first-class facilities and the many opportunities in Chicagoland’s thriving industrial market.”
After acquiring the Bridge Point North campus in 2015, Bridge successfully transformed the once private property into a highly successful, Class-A industrial park through two separate development phases. Phase I — which is now 100 percent leased — consisted of two buildings across 1,027,606 square feet and was delivered in 2017. Phase II – which consisted of three buildings totaling 926,947 square feet – was completed earlier this year, and was 70 percent leased when it was sold to a global real estate investment management firm.
The business park has attracted multiple high-quality tenants since its inception, including Amazon, Medline, Thermoflex and Bolke-Miller Corporation. Bridge has also brought several large institutional real estate investment management firms to the park through the sale of each of the first two phases.
Phase III Buildings VI, VII & VIII will be delivered in early Summer 2020, while Building IX will be delivered in Fall 2020.
Bridge Point North Phase III 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.
Whit Heitman, Sam Badger, and Jared Paff with CBRE are the exclusive leasing agents on the project.