Bridge Development Partners announced the sale of two industrial buildings in a portfolio totaling 1,027,606 square feet in Waukegan, Illinois to an institutional entity represented by bentall Kennedy for an undisclosed amount.
These buildings were the first two facilities completed as part of Bridge Point North, a master-planned 225-acre business park.
Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the seller, a joint venture of Bridge Development Partners, Globe Corporation, Wanxiang America Real Estate Group and Banner Oak Capital Partners, L.P.
The buildings include a 626,848 square foot industrial facility located at 1750 Bridge Drive and a 400,758 square foot industrial facility located at 3900 Bur Wood Drive.
Bridge acquired the master-planned development from Cardinal Health in early 2015 and has made site improvements such as a new park roadway network, two new or modified traffic signals, and annexation to the City of Waukegan, as well as development of distribution buildings.