Bridge Development Partners announced the acquisition of two properties that will become the future site of Bridge Point Schiller Park III and IV in Schiller Park, Illinois.
BRIDGE agreed to buy the buildings as part of a long-term lease transaction with Duravant—a global engineered equipment and automation solutions provider to the food processing, packaging and material handling sectors. Duravant recently announced the introduction of nVenia, LLC, a new operating company that is a combination of Arpac, Hamer-Fischbein and Ohlson Packaging. This new company will be headquartered in 265,000 square feet at the Bridge Point Wood Dale facility. As part of their operations strategy, Duravant will be vacating the River Street and Irving Park Road properties and reached an agreement with BRIDGE to sell the facilities.
Steve Stone and David Friedland of Cushman & Wakefield represented Duravant in the transaction.
“BRIDGE took this opportunity to work with Duravant to meet the demand for modern, Class A industrial facilities near O’Hare by providing a comprehensive real estate solution and buying the property our new tenant was vacating,” said Nick Siegel, who serves as BRIDGE’s partner for the Chicago region. “Not only is O’Hare a prime location for both labor and highway access, but it’s tremendously undersupplied when it comes to Class A product. Assets of this size are incredibly rare, and smaller offerings like this will allow potential tenants such as freight forwarding, e-commerce and logistics users to fully secure their buildings.”
BRIDGE will demolish the outdated structures and construct Bridge Point Schiller Park III and IV, which will total 62,038 square feet and 54,080 square feet, respectively. Each industrial facility will feature 32-foot clear heights, 125-foot truck courts, five exterior docks each (expandable to 10) and offer smaller spaces for single-tenant users. Building III is planned to have one drive-in door as well as parking for 77 cars. Building IV will have two drive-in doors and parking for 48 cars. Both buildings are expected to be delivered in Q4 of this year.