July 20, 2021
TypeDeal, Press Release
Sale-leaseback transaction with current tenant will allow Bridge to demolish existing structure and clear the way for the new Class A facility
CHICAGO (July 19, 2021) – Bridge Industrial (“Bridge”), a privately-owned, vertically integrated real estate operating company and investment manager, announced today the acquisition of a 12.35-acre site in Des Plaines, Illinois, for the future development of Bridge Point Des Plaines – a 184,240 – 227,245 square foot state-of-the-art industrial facility.
The acquisition of this site was completed as part of a unique sale-leaseback transaction with Nu-Way Industries, a global leader in precision metal product design and fabrication. Under the terms of this transaction, Bridge will acquire the building from Nu-Way, and retain Nu-Way as a tenant while it conducts a search for a new facility.
Once Nu-Way has vacated the building, Bridge will demolish the current facility and begin construction on a new industrial facility suitable for a wide variety of industrial users, including companies in distribution, fulfillment, e-commerce and manufacturing.
“This is a unique transaction, and we’re thrilled to have come to an agreement that suits both Bridge and Nu-Way’s evolving business priorities,” said Nick Siegel, Partner at Bridge’s Chicago region. “While Nu-Way finishes out the remainder of its lease, we will have ample time to plan for and design the future development alongside a prospective tenant. It is very difficult to find development sites in the extremely infill area surrounding O’Hare International Airport and this was a unique opportunity to acquire a building with a short-term lease that allows us to bolster our future pipeline and work on potential build-to-suits while waiting for the existing tenant to finalize their space needs.”
The new Class A facility to be developed on this site will feature a 36-foot clear height, 36 exterior docks, 2 drive-in doors, and 264 stalls for car parking. In addition to its state-of-the-art amenities, the facility will boast a prime location in the O’Hare submarket, offering a variety of tenants an opportunity to access modern space in an increasingly supply-constrained area of Chicagoland.
The sale was brokered by Rick Daly of Darwin Realty.
The announcement comes shortly after Bridge announced the acquisition of Bridge Point Melrose Park, a future three-building, 1,539,780 square foot state-of-the-art industrial campus also located in the prime O’Hare submarket. Bridge has previously successfully developed 3.04 million square feet of Class A industrial product in the O’Hare submarket since 2012 and continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets.