Bridge Development Partners, LLC says it has sold three industrial distribution buildings at Bridge Point North Business Park, Phase II in Waukegan, IL., to AEW, a global real estate investment advisor.
The buildings total 926,947 sq. ft., broken down to 544,429 sq. ft. at Building III, 154,266 sq. ft. at Building IV, and 228,252 sq. ft. at Building V. The properties were 68% leased to two tenants at the time of sale.
After acquiring the campus in 2015, Bridge successfully re-developed the formerly private site through annexation into the Village of Waukegan and significant infrastructure upgrades. Re-development included extensive infrastructure improvements costing more than $30 million, spanning three fully signalized intersections, annexation into the City of Waukegan, and negotiation of a long-term TIF Agreement.
The Class-A, 225-acre business park includes buildings with 32-36’ clear ceiling heights, parking for trucks, trailers, and cars and exterior loading docks.
“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 is currently 68 percent leased. Phase II’s largest building – Building III – is home to the Bolke-Miller Company, who signed a long-term lease for 402,646 sq. ft.. Bolke-Miller is a prominent contract packaging company that specializes in secondary packaging for Fortune 500 companies in the food and beverage industry.
Another tenant is Thermoflex, who is currently signed on for a long-term lease for the entirety of Building V (228,252 sq. ft.). Thermoflex is a long-time leader in developing and producing automotive accessories, including all-weather floor mats, protectors and exterior trim applications.