Developers Pushing More Spec Construction
Demand has been strong enough to fill up many specs finished in 2017.
CHICAGO—Tenant activity in the Chicago region has recently kept pace with new development, and builders are plan to bring even more industrial product to market. Bridge Development Partners, in partnership with Banner Oak Capital Partners and Cushman & Wakefield, just began construction on Bridge Point Downers Grove, a speculative distribution development at the intersection of I-88 and I-355 that will include three buildings totaling 678,858 square feet.
The site was slated for mixed-use development until Bridge acquired it in December. Partnership officials say its strategic location, which will put more than 75% of the US population within a two-day delivery drive, helps make it perfect for distributors and other users.
“The building sizes and location make Bridge Point Downers Grove ideal for a wide variety of uses including last-mile eCommerce, distribution, light manufacturing and wholesale/will-call operations, to name a few,” says David Friedland, executive director at C&W. “This is one of the most high-profile, high-visibility sites in Chicago’s suburban industrial market, with a workforce and amenities that are unmatched.”
Along with Friedland, Jason West, C&W executive managing director, David and Sean Henrick, SIOR: executive directors, Michael Magliano, managing director and Doug Pilcher, director, will represent locally-based developer Bridge in leasing the property.
The site offers direct access to I-88 and I-355 via Butterfield Rd., Finley Rd. and Ogden Ave. Additionally, C&W says Bridge Point Downers Grove has more than 1.4 million qualified employees within a 30-minute drive as well as access to Oak Brook’s and Downers Grove’s retail, hospitality and dining amenity base. Bridge plans to deliver the new development in the fourth quarter.