Bridge Development Partners, LLC has announced the sale of Bridge Point 290 Business Park, a three-building complex totaling 899,278 square feet in Cicero, IL., to Cabot Properties.
Bridge Point 290 Business Park is a state-of-the-art, three-building business park located just south of Roosevelt Road between Central Avenue and Laramie Avenue, both of which feature interchanges with Interstate 290 just north of the park. Located less than seven miles/15 minutes from Chicago’s CBD, Bridge Point 290 is the largest state-of-the-art business park in Chicagoland that caters to last-mile/infill users.
All three buildings feature 36’ clear ceiling heights, ESFR sprinkler systems, and above-standard loading, car and trailer parking. Building 1, located at 1531 S. 54th Avenue in Cicero totals 323,343 square feet and features 50 docks (expandable to 63) and 77 trailer positions. Building 2, located at 1400 S. Laramie Avenue, will total 343,090 square feet and feature 49 docks (expandable to 69), 94 trailer positions and 303 car parking stalls. Building 3, located at 1400 S. Laramie Avenue, will total 232,845-square feet and feature 37 docks (expandable to 45), 62 trailer positions and parking for 198 cars.
Bridge engaged CBRE to market the Bridge Point 290 Business Park for sale in March 2018. At 899,278 SF and 36% preleased, Bridge Point 290 offered investors an irreplaceable opportunity to acquire a large, infill Class A business park that included both significant in place cash flow from an anchor tenant as well as the opportunity to add value through the lease up of the to be constructed facilities. Michael Caprile, Ryan Bain, and Zach Graham of CBRE represented Bridge and its joint venture partner, Banner Oak Capital Partners, L.P., in the sale. Terms were not disclosed.
Building 1 was 100% pre-leased to Royal Box Group when it was delivered in March 2018. Buildings 2 and 3 will be delivered in August 2019. Cabot has engaged Bridge to assist with leasing efforts on Buildings 2 and 3, which is led by Steve Connolly and Mark Moran of NAI Hiffman.
Steve Groetsema, Partner, Midwest Region at Bridge, commented: “This was a pretty complicated deal that, in addition to being significant in terms of size, included both a core aspect with the leased facility and a forward commitment component with the two facilities still under construction. I can’t say enough about the work that CBRE did on this deal, or how phenomenal Cabot was to work with. We wish them the best on this deal, and we know it will be a success for them.”