"The Woodridge industrial market is extremely tight and there is virtually no vacancy," claims Bridge Development Partners managing partner Ronald T. Frain, in a statement. "There are limited development sites in the market and we believe the infill nature of this site, which is situated adjacent to the award winning Internationale Center, is ideally positioned to capture a larger share of the demand."
The first phase will be two 140,000-sf warehouse and distribution buildings that are being built on speculation.
The joint venture is Berwind's second foray into the Chicago market. It owns the 21-story Borg-Warner building at 200 S. Michigan Ave., which is undergoing a renovation following the $28.5-million purchase in 2000.
Meanwhile, Wolff Walsrode has leased 43,681 sf in the Madison Business Park at 7330 S. Madison St. in the nearby southwest suburb of Willowbrook. The maker of food packaging is moving from 15W700 S. Frontage Rd. in Burr Ridge. Westmont-based Morgan Realty Partners represented Principal Financial Group, owner of the Madison Business Park.
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