Bridge Development Lands 1st Tenant at Chicago Industrial Project

Keyence Corp.'s plans to move into its nearly 81,000-square-foot space shortly after construction wraps up in mid-2020.
Rendering of Building II at Bridge Point Itasca. Image courtesy of Bridge Development Partners

Less than one month after breaking ground on the final phase of a project in Chicago’s northern suburbs, Bridge Development Partners has signed its first tenant at Bridge Point Itasca, a three-building, 741,621-square-foot industrial development. Keyence Corp., a manufacturer of automation sensors, barcode readers and laser makers, entered into a long-term lease agreement for 80,849 square feet at the 247,176-square-foot Building II.

Bridge bought the development site from Entercom Communications Corp. in 2018, breaking ground earlier this year. Webster Bank is providing $63.2 million in construction financing for the three buildings, according to Yardi Matrix. The park is anticipated to deliver next summer, with the tenant planning to occupy its space in the third quarter of 2020. Plans for Building II call for 34 exterior docks, two drive-in doors, 234 parking spaces as well as build-to-suit office space.

The 48-acre development site, formerly home to a radio broadcast tower, is located at 1010 to 1150 W. Devon Ave in Itasca, Ill., 25 miles from downtown Chicago. The project is at the northwest corner of Interstate 290’s intersection with Illinois Route 390, 7 miles west of O’Hare International Airport’s southern cargo terminal.

Lee & Associates’ Chris Nelson and Jeffrey Janda represented Bridge in the deal, while David Haigh of NAI Hiffman and Mike Nicholson with the Acclaim Group worked on behalf of Keyence Corp.