August 18, 2022
TypeDeal, Press Release
Acquisition of to-be-built 186,000 SF Class A Industrial facility, marking the second acquisition in Bridge’s recently formed value-add strategy
Chicago, IL. (August 15, 2022) – Bridge announced the acquisition of a 12-acre site in a forward sale structure to serve as the future home of Bridge Point Melrose Park II.
Bridge acquired the property, formerly a truck parking lot, from a joint venture of Missner Group and Timber Hill. The seller will be retained by Bridge to complete the 186,880 square foot Class-A industrial facility. Bridge Point Melrose Park II is expected to be delivered in Q3 of 2023 and marks the second acquisition under Bridge’s national acquisitions platform. The first acquisition was Pompano Beach Commerce Park, a three-building, 336,852-square-foot industrial campus in Pompano Beach, Florida. Matthew Stauber, Thomas Rodeno, and Patrick Turner of Colliers represented the seller in the Melrose Park transaction.
Bridge’s neighboring development, Bridge Point Melrose Park is a 1.6 million-square-foot industrial complex under development that reached 86% pre-leasing earlier this year after finalizing agreements with CEVA logistics and Expeditors International.
Upon completion, Melrose Park II will be 186,880 square feet — divisible to 50,000 square feet — and feature top-tier amenities including 36-foot clear height; 30 exterior docks; two drive-in-doors; 221 spaces for car parking; 30 positions for trailer parking; 129-foot truck court; and will offer build-to-suit office capabilities. Construction is already underway on the property.
The site is conveniently located less than 15 minutes from O’Hare International Airport, as well as Interstates 290 and 88. Additionally, the facility will be situated just 30 minutes from Chicago’s Central Business District, offering prospective tenants premier access to both highly-desirable amenities and a wide pool of skilled local talent.
Bridge has a long history of development within the O’Hare submarket, having completed over three million square feet in the area — just over 35% of all new developments — since 2013, and over one million square feet, constituting 43% of all developments, since 2020. Bridge has an additional 1.9 million square feet of projects currently under or planned for future construction in O’Hare, including Bridge Point Melrose Park, Bridge Point Schiller Park III and IV, and Bridge’s latest acquisition, Bridge Point Elk Grove I and II. Bridge continues to seek opportunities to acquire and develop modern industrial facilities in the most supply-constrained core infill industrial markets that can meet the steady demand for last-mile and next-day delivery.