320,365-SF, Class A facility will create state-of-the-art space for industrial users in prime Lake County submarket
MUNDELEIN, IL. (September 14, 2021) – – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced it has acquired a site in Mundelein, Illinois, which will serve as the future home of Bridge Point Mundelein – a 320,365-square foot, Class A industrial facility.
Located at 290 Townline Road, the development will boast features including 271 stalls for car parking and 101 stalls for trailer parking; 2 drive-in doors; and 36-foot clear ceiling heights. Of the 101 trailer stalls, 67 are located in an adjacent lot and can be converted to car and/or box truck parking – offering tenants an extremely rare amenity in the land-constrained Lake County submarket. In addition to these amenities, Bridge Point Mundelein will offer prospective tenants a unique opportunity for building customization with a speculative office built-to-suit.
Groundbreaking on the site will commence immediately and the project is expected to be completed in Q3 of 2022.
“Bridge is known for delivering top-of-the-line industrial facilities in highly sought-after markets, and the acquisition of this site will allow us to do just that with Bridge Point Mundelein,” said Nick Siegel, Partner for Bridge’s Chicago Region. “We’re extremely pleased with the ongoing support we have received from the City of Mundelein since the inception of this project, and we look forward to continuing to collaborate with them as we work to spur economic growth in the area as we reinvigorate this underutilized site and bring this development to market. We have seen firsthand the need for modern Class A facilities in the Lake County region and are excited to deliver a state-of-the-art building with above-standard car and trailer parking ratios.”
Bridge Point Mundelein is situated in a prime infill location within the Lake County submarket, providing future tenants with direct access to the four-way intersection at I-94 and Route 60. Additionally, the development is located within 30 minutes of the O’Hare International Airport, and within an hour of both Downtown Chicago and the Mitchell International Airport in Milwaukee.
In addition to its location, the development also offers access to the region’s abundant labor pool, adding to its appeal for a wide range of users in industries such as e-commerce, last-mile delivery, transportation, and logistics.
Whit Heitman, Sam Badger, and Jared Paff of CBRE brokered the transaction for the site.
Bridge Point Mundelein is the latest development to be added to Bridge’s portfolio of successful, modern warehouse facilities in Lake County. The project builds on the firm’s long-standing strategy of adding value to communities and regions through transformative industrial offerings. Earlier this year, Bridge completed development on Bridge Point North Phase III, the final phase of a 225-acre, 2.8 million-square foot master planned industrial business park in Waukegan. Bridge Point North Business Park is over 85 percent leased, further establishing Lake County as one of the country’s fastest growing markets for distribution, logistics, e-commerce and other industrial users.