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AURORA, IL-Bridge Development Partners LLC and Wrightwood Capital, both based in Chicago, are developing a $30-million industrial project called Park Butterfield at the southeast corner of Eola and Butterfield roads, adjacent to the Butterfield Business Park. The joint venture recently purchased 27 acres for the development.

Two speculative buildings, with 175,000 sf each, will be constructed in the park. “I-88 probably is one of the lowest vacancy submarkets in Chicagoland,” says Steven Poulos, founding principal with Bridge Development Partners. The buildings will be divisible to 20,000 sf and less, and will be used for distribution and light assembly. “Traditionally, in the Aurora market and I-88 corridor, the tenants are generally from between 20,000 sf and 100,000 sf, and we think that market has been pretty well undersupplied for the past five or six years,” he says.

The buildings will be pre-cast with 30-foot clear height and two drive-in docks per building. There will be a total of about 170 parking spaces with up to 43 dock doors per building and up to 30 truck parking spaces per building. The asking lease rate is $4.95 per sf, net, Poulos says. Steve Connolly, Mark Moran and Dan Wilkins, with NAI Hiffman, will be the marketing agents.

The venture also plans to sell about 3.5 acres directly adjacent to the corner of Eola and Butterfield roads to be developed for a retail project. Bridge Development has developed industrial and office buildings but it does not do retail developments, so it is selling the retail portion, Poulos says. The asking sales price for the land for the retail development is $12 per sf, Poulos tells GlobeSt.com. Construction has already begun and is expected to be complete in the fourth quarter. Cornerstone Architects Ltd., based in Itasca, will design the buildings which will be constructed by Premier Design + Build Group LLC, based in Des Plaines. LaSalle National Bank is providing the construction financing.

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