Bridge Development Partners has acquired 7800 Austin Avenue in Skokie, Illinois for an undisclosed sum. The 12-acre site will be the future home of Bridge Point Skokie, a state-of-the-art industrial development that should deliver in the third quarter of next year.
Located in the Chicago O’Hare submarket, the property was previously home to Castwell Products, a forgery and leader in manufacturing high-quality precision metal castings. Bridge will immediately begin demolishing the existing facility before commencing construction on Bridge Point Skokie.
“We’re eager to break ground on this project in the village of Skokie, which has been instrumental in helping Bridge throughout the acquisition and entitlement process,” said Nick Siegel, partner, Chicago region at Bridge Development Partners. “The site sits in a land-constrained area in a thriving industrial and corporate pocket with a strong base of successful companies that we look forward to working with.”
The development will consist of a single, 171,746-square-foot building featuring 32-foot clear heights, 25 rear-loading exterior docks (expandable to 32), 31 trailer positions and parking for 300 cars. Bridge Point Skokie is fully entitled and was also approved for a class 6B tax incentive.
“Bridge Point Skokie will be specifically designed with distribution and e-commerce users in mind, with its configuration, design emphasis on ample parking and trailer storage and prime last-mile location,” Siegel said. “Constructing this modern, state-of-the-art industrial facility capable of meeting the ever-growing demands of the Chicagoland industrial market will also help catalyze the local economy and generate valuable tax revenue.”
Thomas Rodeno and Matthew Stauber with Colliers International were the brokers on the transaction and will serve as the exclusive listing agents on the project. Bridge Point Skokie sits within a 20-minute drive of Chicago O’Hare International Airport and is bordered by Interstates 90 and 94, with easy access to Route 14.
“In this challenging economic time, the village is fortunate to have a well-regarded firm like Bridge Development undertaking this Class A light industrial development, discussions for which began just weeks after Castwell announced its closing earlier this year,” said Mayor George Van Dusen. “The proposed building is a modern, Class A light industrial space that will increase Skokie’s competitiveness in the light industrial and distribution markets, further strengthening Skokie’s already robust, diverse economy.”
Bridge currently has just over 1 million square feet under construction in the Chicagoland area, including its newest project, Bridge Point I-355, a future 133,100 square foot Class A industrial development in Lombard, and Bridge Point North Phase III, four state-of-the-art facilities totaling 919,281 square feet, which represents the final phase of the master planned business park in Waukegan. Bridge recently completed development on Bridge Point Itasca, its three-building 741,162 square foot industrial campus in Itasca which is now 65 percent leased, and Bridge Point Wood Dale, a two-building Class A industrial development in Wood Dale which is fully leased.