Bridge Leases 750 KSF Chicago-Area Industrial Space
- May 24, 2018
Bridge Development Partners has closed three large industrial leases in the Chicago-area totaling approximately 750,000 square feet. The tenants are Royal Box Group, Agility Logistics and The Bolke-Miller Co., each of them represented by a team of CBRE brokers. The first two are expected to move into the new spaces by the end of August 2018, while the last one will relocate by year-end, as all three properties are currently under construction.
The buildings are located in Cicero, Waukegan and Franklin Park, Ill., and are owned by Bridge and joint venture partner Banner Oak Capital Partners. Additional partners include Globe Corp., Wanxiang America Real Estate Group and an undisclosed institutional investor.
“These are three large deals that are all really noteworthy in their respective submarkets. The preleasing aspect of all three transactions reflects the scarcity of available new product in these infill locations,” said Steve Groetsema, principal at Bridge, in a prepared statement.
The portfolio featured the following properties:
- Bridge Point 290, located at 1543 S. 54th Ave., Cicero—Royal Box Group leased 323,343 square feet;
- Bridge Point North Building III, located at 1350 Bridge Drive, Waukegan—The Bolke-Miller Co. leased 308,107 square feet;
- Bridge Point Franklin Park Building I, located at 10501 Franklin Ave., Franklin Park—Agility Logistics leased 117,771 square feet.
In the first transaction, Eric Steiner and Pete Roberson Jr. of CBRE represented Royal Box Group, while the landlord was represented by George Maragos, Mitch Adams and Nicole Mentone, also from CBRE. Whit Heitman worked on behalf of both the tenant and the property owner in the second lease, the landlord team also including Sam Badger, Brad Weiner and Jared Paff. In the third transaction, Bridge was represented by Jeff Provenza and Rick Daly of Darwin Realty.
Image courtesy of Bridge Development Partners