{"id":1004231522,"date":"2018-05-24T01:44:22","date_gmt":"2018-05-24T09:44:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004231522"},"modified":"2022-12-08T07:36:19","modified_gmt":"2022-12-08T15:36:19","slug":"bridge-leases-750-ksf-chicago-area-industrial-space","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-leases-750-ksf-chicago-area-industrial-space\/","title":{"rendered":"Bridge Leases 750 KSF Chicago-Area Industrial Space"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004231526\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004231526\" data-attachment-id=\"1004231526\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bridge-leases-750-ksf-chicago-area-industrial-space\/bridge-point-290-1543-s-54th-ave-cicero-ill\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;McShane Fleming Studios&quot;,&quot;camera&quot;:&quot;Canon EOS 5DS R&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1518526293&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.001&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bridge Point 290, 1543 S. 54th Ave., Cicero, Ill.\" data-image-description=\"&lt;p&gt;Bridge Point 290, 1543 S. 54th Ave., Cicero, Ill.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Bridge Point 290, 1543 S. 54th Ave., Cicero, Ill.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg?w=800\" class=\"wp-image-1004231526 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg\" alt=\"Bridge Point 290, 1543 S. 54th Ave., Cicero, Ill.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bridge-Point-290-1543-S.-54th-Ave.-Cicero-Ill..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004231526\" class=\"wp-caption-text\">Bridge Point 290, 1543 S. 54th Ave., Cicero, Ill.<\/p><\/div>\n<p>Bridge Development Partners has closed three large industrial leases in the Chicago-area totaling approximately 750,000 square feet. The tenants are Royal Box Group, Agility Logistics and The Bolke-Miller Co., each of them represented by a team of CBRE brokers. The first two are expected to move into the new spaces by the end of August 2018, while the last one will relocate by year-end, as all three properties are currently under construction.<\/p>\n<p>The buildings are located in Cicero, Waukegan and Franklin Park, Ill., and are owned by Bridge and joint venture partner Banner Oak Capital Partners. Additional partners include Globe Corp., Wanxiang America Real Estate Group and an undisclosed institutional investor.<\/p>\n<p>\u201c<em>These are three large deals that are all really noteworthy in their respective submarkets. The preleasing aspect of all three transactions reflects the scarcity of available new product in these infill locations,<\/em>\u201d said Steve Groetsema, principal at Bridge, in a prepared statement.<\/p>\n<h2>Transaction details<\/h2>\n<p>The portfolio featured the following properties:<\/p>\n<ul>\n<li>Bridge Point 290, located at 1543 S. 54th Ave., Cicero\u2014Royal Box Group leased 323,343 square feet;<\/li>\n<li>Bridge Point North Building III, located at 1350 Bridge Drive, Waukegan\u2014The Bolke-Miller Co. leased 308,107 square feet;<\/li>\n<li><a href=\"https:\/\/www.commercialsearch.com\/news\/bridge-development-completes-2-chicago-industrial-deals\/\">Bridge Point Franklin Park<\/a> Building I, located at 10501 Franklin Ave., Franklin Park\u2014Agility Logistics leased 117,771 square feet.<\/li>\n<\/ul>\n<p>In the first transaction, Eric Steiner and Pete Roberson Jr. of CBRE represented Royal Box Group, while the landlord was represented by George Maragos, Mitch Adams and Nicole Mentone, also from CBRE. Whit Heitman worked on behalf of both the tenant and the property owner in the second lease, the landlord team also including Sam Badger, Brad Weiner and Jared Paff. In the third transaction, Bridge was represented by Jeff Provenza and Rick Daly of Darwin Realty.<\/p>\n<p><em>Image courtesy of Bridge Development Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three properties in Cicero, Waukegan and Franklin Park are currently under construction, with delivery slated by the end of 2018. <\/p>\n","protected":false},"author":1064,"featured_media":1004231526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1491,21743,21748,13,21742],"tags":[34456,32789,36603,43487],"class_list":["post-1004231522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-chicago","category-deals","category-industrial","category-midwest","category-latest","tag-bridge-development-partners","tag-cbre","tag-darwin-realty-development","tag-steve-groetsema"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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