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Another Speculative Industrial Development Gets Underway in Chicago Area

Bridge Development Gets Financing, Breaks Ground on Three-Building Bridge Point Downers Grove at I-88/I-355
June 12, 2018
Speculative industrial development continues in the highly sought-after Interstate-88 and Interstate-355 exchange west of Chicago with construction underway on Bridge Point Downers Grove, Bridge Point Development Partners said this week.

The 54-acre infill parcel sits just west of the exchange that connects more than 75 percent of the rest of the country through east-west and north-south highways. Cumulatively, the so-called speculative distribution developments--meaning they are being built before signing tenants--are to total 678,858 square feet in three buildings.

Chicago-based Bridge Development purchased the site, which was originally slated for mixed-use, earlier this year for an undisclosed amount. It has secured a $41.16 million construction loan in partnership with Banner Oak Capital Partners. Associated Bank was the lender.

Plans for the three properties, which are expected to be delivered in the fourth quarter, include:

  • Bridge Point Downers Grove Building 1 at 3600 Lacey Road is expected to reach 174,576 square feet that the developers will divide into 25,000-square-foot spaces. It will have 33 docks, four drive-in doors, nine trailer positions, 211 parking spaces and 32-foot clear heights.
  • At 3700 Lacy Road, Building 2 will have 212,937 square feet with 32-foot clear heights. The space will be divisible by 40,000 square feet, with 33 docks, four drive-in doors and a 223-space parking lot.
  • The biggest industrial space is planned for Building 3 at 3800 Finley Road. With 36-foot clear heights, the 291,345 square feet will be divisible to 55,000 square feet. It will have more docks, at 40, two drive-in doors, 115 trailer positions and an adjacent parking lot for 240 spaces.

“The building sizes and location make Bridge Point Downers Grove ideal for a wide variety of uses including last-mile e-commerce, distribution, light manufacturing and wholesale/will-call operations, to name a few,” said David Friedland, executive director at Cushman & Wakefield, the properties’ leasing agent. “This is one of the most high-profile, high-visibility sites in Chicago’s suburban industrial market, with a workforce and amenities that are unmatched.”

Bridge Development has three other pre-leased industrial sites under construction throughout the Chicago area. The properties at Bridge Point 290, 1543 S. 54th Ave. in Cicero, Bridge Point North Building III at 1350 Bridge Drive in Waukegan, and Bridge Point Franklin Park Building 1 at 10501 Franklin Ave., are from 60 percent to 100 percent pre-leased with delivery on all three scheduled for later this year.

For the Record:

Cushman & Wakefield’s Jason West, executive managing director, executive directors Friedland and Sean Henrick, Michael Magliano, managing director, and Doug Pilcher, director, will represent Bridge in leasing the property.

Jennifer Waters, Chicago Reporter  CoStar Group   
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