May 17, 2018
TypeDeal, Press Release
Bridge Development Partners, LLC has announced large industrial leases totaling just under 750,000 square feet at three Chicago-area properties that are currently under construction.
“We are beyond excited to announce this wave of leasing activity to kick off 2018,” said Steve Groetsema, principal – Chicago market officer at Bridge. “These are three large deals that are all really noteworthy in their respective submarkets. The pre-leasing aspect of all three transactions reflects the scarcity of available new product in these infill locations.”
Royal Box Group committed to a long-term lease for 323,343 square feet at Bridge Point 290, located at 1543 S. 54th Avenue, Cicero, Illinois. This lease brings Bridge Point 290, scheduled for delivery in July 2018, to 100 percent pre-leased. Royal Box, a nearly 100-year old manufacturer and provider of corrugated, packaging supplies, graphics and displays, was represented in the transaction by Eric Steiner and Pete Roberson, Jr. of CBRE. Bridge was represented by George Maragos, Mitch Adams and Nicole Mentone of CBRE.
The Bolke-Miller Company signed a long-term lease for 308,107 square feet at Bridge Point North Building III, located at 1350 Bridge Drive, Waukegan, Illinois. The lease brings Bridge Point North III, totaling 544,429 square feet and scheduled for delivery in December 2018, to nearly 60 percent pre-leased. Bolke-Miller, a contract packager specializing in secondary packaging for Fortune 500 companies in the snack, health food and beverage industries, was represented by Whit Heitman of CBRE. Heitman, Sam Badger, Brad Weiner and Jared Paff of CBRE represented Bridge.
Agility Logistics signed a long-term lease for 117,771 square feet at Bridge Point Franklin Park Building I, located at 10501 Franklin Avenue, Franklin Park, Illinois. The lease brings the building, totaling 184,611 square feet and scheduled for delivery in August 2018, to nearly 65 percent pre-leased. Agility Logistics is one of the world’s leading providers of integrated logistics, with more than 22,000 employees in 550 offices and 100 countries. Agility was represented by CBRE in the transaction. Bridge was represented by Jeff Provenza and Rick Daly of Darwin Realty.
All three buildings are owned by Bridge and joint venture partner Banner Oak Capital Partners, L.P. Additional joint venture partners at Bridge Point North III include Globe Corporation, Wanxiang America Real Estate Group and an undisclosed institutional investor.