Bridge Development Partners has sold three state-of-the-art industrial distribution buildings at Bridge Point North Business Park, in Waukegan, Illinois to AEW, a global real estate investment advisor. The buildings, part of Phase II of the master-planned campus, total 926,947 square feet and were were 68 percent leased to two tenants at the time of sale
After acquiring the campus in 2015, Bridge implemented a $30 million redevelopment that included extensive infrastructure improvements spanning three fully signalized intersections, annexation into the City of Waukegan and negotiation of a long-term TIF agreement. The modern, Class A, 225-acre business park boasts top-of-the-line features including buildings with 32 to 36-foot clear ceiling heights, exterior loading docks, a prime location along the thriving Interstate 94 logistics corridor and ample parking for trucks, trailers and cars.
“We’re extremely proud of what we’ve created at Phase II of Bridge Point North Business Park—developing a superior tenant roster that has created new jobs, tax revenue and economic vitality for the city of Waukegan and the surrounding area,” said Steve Groetsema, partner and COO at Bridge Development Partners. “This sale is a prime example of our unique ability to create state-of-the-art industrial campuses capable of attracting forward-thinking companies primed for success in today’s economy.”
Phase II’s largest building, the 544,429-square-foot Building III, is home to the Bolke-Miller Company, who signed a long-term lease for 402,646 square feet. Bolke-Miller is a prominent contract packaging company that specializes in secondary packaging for Fortune 500 companies in the food and beverage industry.
Another prominent tenant is Thermoflex, who is currently signed on for a long-term lease for the entirety of the 228,252-square-foot Building V. Thermoflex is a long-time leader in developing and producing automotive accessories, including all-weather floor mats, protectors and exterior trim applications. The final building, 154,266-square-foot at Building IV, is unoccupied.
Bridge Point North Phase II is just 1.5 miles from the four-way interchange at I-94 and Illinois Route 137, only 30 minutes to O’Hare International Airport, and 35 minutes away from Mitchell International Airport in Milwaukee. Michael Caprile, Zach Graham and Ryan Bain of CBRE represented Bridge in the transaction.