Bridge Development Fills Up its Newest Projects

Bridge Point 94 in Libertyville, IL, was delivered in July 2015, and is now 100% leased.

CHICAGO—Bridge Development Partners, LLC has just filled two of its new distribution developments in the Chicago area, and almost completely pre-leased a third still under construction. It’s yet another sign that, as reported this week in GlobeSt.com, the industrial market here has been firing on all cylinders for some time, with tenants lining up to fill vacancies in new, well-located buildings.

“We are right where we expected to be in terms of finding tenants,” Steve Groetsema, principal at Bridge, tells GlobeSt.com. Two of the buildings were delivered in July 2015, and when the company underwrites such deals it typically estimates it will take about 18 months to fully lease up. The company will finish the third building this month, but has already signed a tenant that will take 75% of that space. “To bring two buildings to full occupancy while achieving substantial preleasing in another makes for a great achievement for Bridge and our partners.”