Industrial N Illinois

Bridge Point North in Waukegan getting three new buildings

Bridge Point North in Waukegan getting three new buildings,ph1

Bridge Development Partners, LLC has begun development of Bridge Point North Phase II, consisting of three state-of-the-art industrial distribution buildings totaling 926,947 square feet in Waukegan, Illinois. The three buildings will be delivered at the end of 2018.

“Bridge is thrilled to announce the second phase of speculative construction at Bridge Point North. These buildings will be the fourth, fifth and sixth new facilities completed in the park within a span of 24 months,” said Steve Groetsema, principal – Chicago market officer of Bridge Development. “The success of the first phase and the exciting roster of tenants, combined with the early demand, led us to the beginning of construction of the second phase. With Phase II already 33 percent pre-leased, we’re confident that the success will continue in the park in 2018.”

Located at 1350 Bridge Drive, Building 3 is a state-of-the-art, cross-docked distribution center that will total 544,429 square feet. The building is nearly 60 percent pre-leased to Bolke-Miller, Co., a contract packager headquartered in Waukegan. Serving tenants 100,000 square feet and larger, the building features 36-foot clear ceiling height, 96 exterior loading docks (expandable to 133) and above standard automobile and trailer parking.

Building 4 is a 154,266-square-foot facility at 3971 S. Lakeside Drive. It features a 32-foot clear ceiling height, 57 exterior dock doors and 222 automobile parking stalls. The last structure, Building 5, is 228,252 square feet. Located at 1550 S. Waukegan Road, it features 32-foot clear ceiling height, 59 exterior dock doors and 245 automobile parking stalls. Buildings 4 and 5 were designed to accommodate tenants from 15,000 square feet to 228,000 square feet.

Bridge has named Whit Heitman, Sam Badger, Jared Paff and Brad Weiner of CBRE as exclusive leasing representatives for Bridge Point North. Bridge Point North is owned by a joint venture that includes Bridge Development Group, Banner Oak Capital Partners, L.P., Globe Corporation, Wanxiang America Real Estate Group and an undisclosed institutional investor.

“We continue to see increasing demand in this area and these new facilities will be very attractive to firms that want a premeir position along the logistics corridor between Chicago and Milwaukee,” said CBRE’s Badger. “The park has gotten off to a great start and we expect to see the second phase generate the same level of interest.”

The three buildings comprise the second phase of Bridge Point North, a master-planned, 225-acre business park that Bridge acquired in 2015. Bridge’s redevelopment of the site included a new park roadway network, two new or modified traffic signals and annexation by the city of Waukegan. Since then, Bridge has completed and sold two speculative buildings totaling 1,027,606 square feet, including a 626,848-square-foot building that was 100 percent leased to Amazon and named NAIOP’s 2017 Speculative Development of the Year. A third new construction building, a build-to-suit by owner, was delivered in the park in early-2018.