Bridge Industrial, a privately-owned, vertically integrated real estate operating company and investment manager, today announced that it has leased a total of 1.5 million square feet across 19 leases throughout its Chicago region in 2021.
With the addition of the newly-signed leases, each of Bridge’s completed facilities in the O’Hare submarket are now fully leased — Bridge Point Skokie, Bridge Point Itasca and Bridge Point Franklin Park.
“We’re continuing to see increasing leasing momentum and velocity in the O’Hare submarket and across the broader Chicago market throughout 2021 as high-caliber e-commerce, manufacturing, and logistics users flock to this region for its prime location and strong labor pool,” said Andrew Hurwitz, Vice President at Bridge. “As a result, we currently have no available supply left at our completed projects in O’Hare — we cannot break ground fast enough on our newest projects. This speaks volumes about the need for accessible, modern industrial facilities that can meet this incredible demand for last-mile and next-day delivery.”
The leasing momentum throughout the first three quarters of 2021 included named tenants such as Marketplace Brands, Keyence Corporation, Intelsat, Amsoil, Hyzon Motors, Paul Davis Restoration, Jelly Belly, Hub Dub, Go Chara, and Agility Logistics. Bridge also signed several large leases with three different Fortune 100 global e-commerce and delivery companies.
“With so much recent success leasing our first-class industrial space across Chicagoland in recent years, Bridge’s focus is now squarely on continuing to develop new projects to meet the incredible demand from a wide variety of users,” said Nick Siegel, Partner for Bridge’s Chicago Region. “We are already working on a number of new exciting developments across the region, and we look forward to delivering them and continuing to take advantage of this highly competitive and increasingly supply-constrained leasing market.”
With over 2.2 million square feet currently under construction, Bridge continues to expand its footprint in the Chicago region — breaking ground or closing on five new projects since the beginning of the year, all set to be delivered throughout 2022, 2023, and 2025: Bridge Point Downers Grove III, totaling 126,445 square feet; Bridge Point Schiller Park III and IV, comprising 62,174 square feet and 52,100 square feet respectively; Bridge Point Des Plaines, planned to total 184,240 to 227,245 square feet; Bridge Point Mundelein, totaling 320,365 square feet; and the 1,539,789-square-foot Bridge Point Melrose Park. While several of the under-construction projects are in the highly land-constrained O’Hare submarket, Bridge’s construction footprint spans as far north as Lake County and as far south as I-55.
Bridge continues to seek opportunities to develop modern industrial facilities in the most supply-constrained core infill industrial markets that can meet the steady demand for last-mile and next-day delivery.