Bridge Development Partners LLC announced the sale of two buildings totaling 1,027,606 square feet in Waukegan to an institutional entity represented by Bentall Kennedy, for an undisclosed amount.
These buildings were the first two facilities completed as part of Bridge Point North, a 225-acre business park.
"We are very pleased with the execution of this sale and the culmination of our first phase of development at Bridge Point North. We were very fortunate to land the ideal first anchor tenant for our park and to achieve core pricing for the first building while still being able to offer a value-add component to the purchaser with the vacancy in the second building," said Steve Groetsema, principal -- Chicago market officer, Bridge Development Partners, which has offices in Itasca and Chicago.
Jim Carpenter and Mike Tenteris of Cushman & Wakefield represented the seller, a joint venture of Bridge Development Partners, Globe Corporation, Wanxiang America Real Estate Group and Banner Oak Capital Partners L.P.
The properties in the portfolio include Building I, a 626,848 square-foot industrial facility at 1750 Bridge Drive and Building II, a 400,758 square-foot industrial facility at 3900 Bur Wood Drive.
Bridge acquired the master-planned development from Cardinal Health in early 2015 and has made site improvements such as a new park roadway network, two new or modified traffic signals and annexation to the City of Waukegan, as well as development of distribution buildings. The park is located one mile north of the Route 137/Interstate 94 interchange and features three fully-signalized entrances off Waukegan Road. Park tenants include Cardinal Health, Visual Pak, Medline and a leading international e-commerce tenant.