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Bridge buys Franklin Park land for development

FRANKLIN PARK - Bridge Development Partners has acquired a 48-acre site at 10601 Franklin Ave. in Franklin Park, for $27 million.

Development plans call for 656,189 square feet of industrial space in three buildings, encompassing 174,625 square feet, 277,762 square feet and 203,802 square feet, respectively. All three buildings will be delivered in the third quarter of 2018, and will include 32' clear ceiling heights, and above-standard loading, car and trailer parking.

Currently, the site houses 14 storage tanks and multiple smaller buildings associated with the seller's use of the site. Within the next few weeks, Bridge will begin demolition activities and other site remediation work. Bridge will further improve the site by widening Franklin Avenue on the northern boundary, adding right-turn and left-turn lanes, and by installing two new traffic signals at the site's entrances from Belmont Avenue and Franklin Avenue.

The site was purchased from Magellan Pipeline Co., a division of Magellan Midstream Partners, an oil pipeline, storage and transportation company. Jeff Provenza of Darwin Realty brokered the sale of the property. Jeff Provenza and Rick Daly of Darwin Realty have been named exclusive leasing representatives for the property.

"This is one of the more visible and notable new industrial developments in Chicago in recent years, on an irreplaceable infill site in one of Chicago's more dynamic industrial submarkets." said Steve Groetsema, principal and Chicago market officer at Bridge Development Partners. "The village of Franklin Park really shared our vision for this site and has been wonderful to work with in getting this off the ground."

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