700 N. Wood Dale Rd., Wood Dale, IL
WOOD DALE, IL—Bridge Development Partners has acquired 700 N. Wood Dale Rd., in Wood Dale, IL, where it plans to build Bridge Point Wood Dale – two state-of-the-art, industrial facilities totaling 342,266-square-feet.
Bridge purchased the property from UBS Realty Investors, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions. Financial details were not disclosed.
The 21.8-acre property includes four long-vacant, single-story masonry office buildings that will be demolished so that Bridge can construct a speculative industrial building totaling 241,888 square feet, and a 100,378-square-foot building that is fully leased to Forward Space, a woman-owned, Steelcase-authorized commercial furniture dealership that provides office furniture, workplace planning, procurement and delivery/installation in multiple locations across the Chicagoland area.
Bridge Point Wood Dale will be the most modern industrial development in the Chicago-O'Hare submarket to date. Features of the new buildings include 32-foot clear ceilings and ample exterior loading docks and car parking spaces, with landscaped greenery throughout the site.
Bridge expects to begin demolition on the existing structures within the next 30 days.
“Bridge is excited to develop this property in Wood Dale and create two truly state-of-the art facilities in one of Chicagoland's most vibrant industrial corridors,” says Steve Groetsema, COO and partner at Bridge Development. “We have already found an ideal, Chicago-born tenant in Forward Space, and look forwarding to welcoming other tenants in search of class-A modern warehouse space where their business can grow and thrive.”
Forward Space will consolidate existing facilities in Oak Brook and Lake Forest into a single location at Bridge Point Wood Dale. The company's office will span approximately 20,000 square feet, with the remaining square footage dedicated as warehouse space.
“We're excited to be our own case study. We'll be employing current workplace research to create an amazing space that's collaborative, technology enabled, flexible, healthy and addresses today's work trends,” says Jenny Niemann, president and CEO of Forward Space. “All 140+ of our Chicagoland team will be invited to use the space. Of that number, about 75 will be permanent residents, but several mobile workers will also visit it.”
Bridge Point Wood Dale is in DuPage County on the west side of the O'Hare submarket, which is widely regarded as the best industrial location in all of Chicago. It is within five miles of O'Hare International Airport near Illinois Route 83, Illinois Route 19 and I-290.
The 241,888-square foot building is expected to be delivered by end of 2019, while the 100,378-square foot facility for Forward Space, inclusive of their office improvements, will be complete by March 2020.
The seller was represented by Thomas Rodeno and Matthew Stauber of Colliers International. Forward Space was represented by Todd Lippman, Sam Badger, Whit Heitman and Jared Paff of CBRE.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
