CHICAGO—Bridge Development Partners, LLC, and its partner Akard Street Partners, LP have just fully leased 2475 Touhy Ave. and 1701 Nicholas Blvd., two new industrial properties in suburban Elk Grove Village. The properties were two of the first five speculative buildings launched by developers in the Chicago industrial market after the downturn.

Construction began on both in mid-2013 and both were delivered in early 2014. A joint venture of Bridge, Hillwood Investment Properties and Wanxiang America Real Estate Group was the original development group, which sold the properties to the Bridge/Akard partnership in February, when the buildings were a combined 20% occupied.

“These buildings were delivered at such a time that we were able to take advantage of a wonderful market upswing, and stabilize ahead of schedule at higher-than-expected lease rates,” says Steve Groetsema, director of leasing and development at Bridge. “We expect these prime in-fill locations to be the first to lease and the last to go vacant, and these tenants have all signed long-term leases and are making significant investments in their spaces as well.”