Bridge Development Partners, LLC announced today that it has partnered with Cabot Properties to acquire and develop 1307 North Lombard Road in Lombard, Ill., into the future home of Bridge Point I-355 — a state-of-the-art industrial facility spanning 133,100 square feet.
BRIDGE and Cabot bought the vacant, 7.25-acre site from Location Finders International. Bridge Point I-355 will feature 32-foot clear heights; ESFR sprinklers; LED lighting, 22 exterior docks, further expandable to 43 docks; 4 drive-in doors; 10 trailer stalls (which can also be used for up to 21 car parking spaces); and parking for 170 cars. The development will also be divisible for multiple tenants down to 25,000 square feet and include a 60-foot speed bay. The project is expected to be delivered in Q4 of this year.
“We’re proud to partner with Cabot Properties on this first-class development in DuPage County’s thriving industrial market. BRIDGE has a tremendous track record of success in this region, and we’re eager to introduce a new facility that can boost its already strong appeal among high-quality tenants,” said Nick Siegel, Senior Vice President at Bridge Development Partners. “Our team was able to work closely with our partners at Cabot and with the seller to complete this transaction, despite the inherent challenges posed by the national pandemic. With entitlements now in place, we are excited to break ground immediately, deliver this development and continue pushing our regional economy forward.”
The seller was represented by Dominic Carbonari, Frank Griffin, and Kate Coxworth of JLL.
“We are excited about this project and very much look forward to continuing our strong working relationship with the BRIDGE team. Infill sites in Tier I markets are hard to come by, and usually involve lengthy entitlement and environmental remediation processes,” said Carey E. Herrlinger, Director, Investments at Cabot Properties. “This opportunity provides the ability to get into the ground immediately to deliver a functional state-of-the-art asset designed to accommodate a wide variety of users in the submarket. We look forward to working closely with our partners at BRIDGE and JLL to make this a successful venture.”
The site is located 28.5 miles from downtown Chicago, 9.2 miles from O’Hare International Airport, and 30 miles from Midway International Airport. Bridge Point I-355 will have immediate access to the I-355 four-way interchange and prime connectivity to I-290, I-55 and the broader Chicagoland highway system, putting it in close proximity to the large, high-quality labor pool serving a variety of industries. The development will also have convenient access to the Addison UPS hub and nearby amenities, such as extended stay hotels, restaurants, retail stores, and entertainment locations.
Bridge Point I-355 joins a number of other recent BRIDGE projects in DuPage County, including Bridge Point Addison; Bridge Point Wood-Dale; Bridge Point Itasca and Bridge Point Downers Grove Phases I and II.
“JLL is eager to commence work on this modern industrial development with two established leaders in the industrial real estate space, Bridge Development Partners and Cabot Properties,” said Carbonari. “We’re very confident in the success of the project, BRIDGE’s best-in-class designs and the prime location of Bridge Point I-355 within this booming Chicago submarket, and look forward to talking with a long list of interested tenants who can take advantage of all it has to offer.”