The multi-phased Bridge Point North industrial complex is located in Waukegan, IL.

WAUKEGAN, IL—Bridge Development Partners, LLC has broken ground on phase three of its Bridge Point North industrial project here.

Phase three will consist of four new buildings, totaling 918,972 square feet, and will be the final construction phase at the 225-acre, master-planned Bridge Point North campus that Bridge has been actively developing since 2015.

Phase three buildings VI, VII & VIII will be delivered in early summer 2020, while Building IX will be delivered in the fall of 2020.

The new buildings will range in size from 100,314 square feet to 500,800 square feet and will cater to users from 20,000 square feet and larger. Each of the four buildings will have state-of-the-art specifications including 32' – 36' clear ceiling heights, ample exterior dock positions and drive-in doors and ESFR sprinklers. Building IX additionally offers frontage along Waukegan Road and over 100 trailer parking stalls.

"We are very excited to start construction on the final phase of Bridge Point North," says Nick Siegel, VP at Bridge Development Partners. "The demand for state-of-the-art industrial spaces like this has truly grown in the Lake County area, and has already made this a highly successful project. As we begin developing the last available land on this site, we expect to welcome even more high-quality tenants looking to take advantage of our first-class facilities and the many opportunities in Chicagoland's thriving industrial market."

After acquiring the Bridge Point North campus in 2015, Bridge successfully transformed the once private property into a successful, Class-A industrial park through two separate development phases. Phase one, which is now 100% leased, consists of two buildings across nearly 1.03 million square feet and was delivered in 2017. Phase two, which features three buildings totaling 926,947 square feet, was completed earlier this year, and was approximately 70% leased when it was sold to a global real estate investment management firm. A report in RE Journals states that the property was sold to AEW.

The business park has attracted multiple high-quality tenants since its inception, including Amazon, Medline, Thermoflex and Bolke-Miller Corporation. Bridge has also brought several large institutional real estate investment management firms to the park through the sale of each of the first two phases.

Bridge Point North phase three is located 1.5 miles from the four-way interchange at I-94 and Illinois Route 137 and 30 minutes from O'Hare International Airport, and 35 minutes from Mitchell International Airport in Milwaukee.

Whit Heitman, Sam Badger, and Jared Paff with CBRE are the exclusive leasing agents on the project.

Bridge Development Partners, LLC focuses on the acquisition and development of Class A industrial real estate in the supply constrained core industrial markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and Seattle. Since its inception in 2000, Bridge has successfully acquired and developed more than 36 million square feet of industrial buildings/projects valued at more than $5.8 billion. Currently, Bridge has a strategic joint venture with investment partnerships managed by Banner Oak Capital Partners, L.P., a Dallas-based investment advisor.

Instant Insights /

Bridge Development Breaks Ground on Final Phase of Bridge Point North Project

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