CHICAGO—Chicago-based Bridge Development Partners, LLC has just purchased for more than $40 million the 55-acre business park at 555 Northwest Ave. in suburban Northlake that was used by the former Chicago-area Dominick's grocery chain. Safeway, Inc. closed the Dominick's line throughout the region in December 2013. Bridge will market the park as Bridge Point Northlake.
Company officials say that the firm will preserve two existing buildings in the park: a 162,000-square-foot cooler facility; and a freezer facility, currently at 135,000-square-feet that will the developer will expand by 104,120-square-feet. Each of these buildings has 32' clear ceiling heights, and each is available for immediate occupancy.
In addition, Bridge will raze other obsolete structures to make way for a new 588,284-square-foot distribution center featuring 36' clear ceiling heights; 4,000 amps power feed; ESFR sprinkler system; 85 to 170 dock positions; 200-car parking, also expandable; and 112 trailer stalls. The company plans to deliver the building in the third quarter of 2015.
The site was Dominick's main distribution campus and sits close to O'Hare International Airport. In addition to having quick access to most of the region's interstates, the site also features more than 2,500 lineal feet of I-294 frontage and is bordered on the east by Union Pacific Railroad's west coast trunk line.
And due to its infill location, the site will appeal to many users, according to Steve Groetsema, director of leasing and development with Bridge, including those who need proximity to O'Hare, those distributing throughout the Chicago area and regionally in the Midwest, and the value-add users who want access to the surrounding labor pool.
Bridge focuses on the development and acquisition of industrial and office real estate in the Chicago, South Florida and New Jersey regions. In the past year, it has helped begin the revival of industrial construction in the Chicago-area. As reported in GlobeSt.com, last year Bridge, in a partnership with Akard Street Partners, began developing a 365,359-square-foot build-to-suit facility on about 25 acres at 8201 W. 47th St., in suburban McCook. Furthermore, in phase two of that development, Bridge will complete a 226,000-square-foot speculative industrial facility that will occupy an additional 15 acres.
John Suerth and Jason Lev of CBRE represented Safeway in the sale of the former Dominick's site, and Bridge has retained the duo to market all three properties at the new Bridge Point Northlake.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
