{"id":1004601729,"date":"2022-09-07T03:10:43","date_gmt":"2022-09-07T11:10:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004601729"},"modified":"2022-12-08T21:06:06","modified_gmt":"2022-12-09T05:06:06","slug":"bridge-industrial-breaks-ground-on-ohare-area-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-breaks-ground-on-ohare-area-project\/","title":{"rendered":"Bridge Industrial Breaks Ground on O\u2019Hare-Area Project"},"content":{"rendered":"
\"\"<\/a>

Bridge Point Melrose Park II. Image courtesy of Bridge Industrial<\/p><\/div>\n

Acting on behalf of developer Bridge Industrial<\/strong>, The Missner Group<\/strong> has broken ground on Bridge Point Melrose Park II, a speculative industrial building in Melrose Park, Ill., that will provide much needed supply for the mounting demand in the Chicago-area\u2019s O\u2019Hare industrial market.<\/p>\n

To help make Bridge Point II a reality, Bridge has secured a $25.1 million construction loan through Associated Bank N.A., Cook County records show. The developer has also tapped Colliers<\/strong>\u2019 Tom Rodeno, Matthew Stauber, and Patrick Turner to spearhead leasing activity for the project. Missner is on track to complete construction in the third quarter of 2023.<\/p>\n

\n

READ ALSO:<\/strong> Industrial Sector Faces Supply Chain Challenges<\/a><\/p>\n

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The approximately 186,900-square-foot facility will be able to accommodate smaller industrial users in the market, as well as those seeking a space over 100,000 square feet. Designed by architecture firm Ware Malcomb<\/strong>, the property will feature 36-foot clear heights, drive-in doors, 30 exterior docks, more than 200 car parking spaces and 30 trailer storage spaces.<\/p>\n

Evolution of a site<\/h2>\n

It\u2019s befitting that Missner is acting as general contractor of Bridge Point II, as the company has a history with the site. Bridge Point II, which will sprout up near the 1.5 million-square-foot Bridge Point Melrose Park project<\/a>, will occupy a 12-acre parcel that the developer acquired from a joint venture of Missner and Timber Hill for approximately $22.6 million in August 2022, according to Cook County records.<\/p>\n

Carrying the address of 2100 N. 15th Ave., the property was previously a truck trailer storage and parking facility that Missner and Timber Hill had developed in 2019, after demolishing a 300,000-square-foot, 1970s-era building on the site.<\/p>\n

Right project, right time<\/h2>\n

Now, the site\u2014located within 6 miles of O\u2019Hare International Airport and 15 miles of Chicago\u2019s central business district\u2014is destined for perhaps its most highly sought-after incarnation yet. \u201cThe feverish pace of activity witnessed in O\u2019Hare during 2021 carried into the first half of 2022,\u201d according to a Colliers industrial report. In the second quarter of 2022, O\u2019Hare\u2019s vacancy rate dropped below the 2 percent mark for the first time in history, falling to just 1.78 percent, marking the second-lowest vacancy rate of metropolitan Chicago\u2019s 22 submarkets for the quarter.<\/p>\n

A further indication of the demand for industrial space in the O\u2019Hare submarket, Bridge Point II\u2019s predecessor, Bridge Point Melrose Park, became 86 percent pre-leased in May 2022, well in advance of its late 2023 completion.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Missner Group is serving as general contractor for a 186,900-square-foot facility in Melrose Park, Ill.<\/p>\n","protected":false},"author":969,"featured_media":1004601731,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21748,13,21742],"tags":[50836,51470,35498,35690,34936],"class_list":["post-1004601729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-industrial","category-midwest","category-latest","tag-associated-bank","tag-bridge-industrial","tag-colliers","tag-the-missner-group","tag-ware-malcomb"],"acf":[],"yoast_head":"\nBridge Industrial Breaks Ground on O\u2019Hare-Area Project - CPE<\/title>\n<meta name=\"description\" content=\"Bridge Industrial has broken ground on Bridge Point Melrose Park II, a speculative industrial building in Melrose Park, Ill.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-breaks-ground-on-ohare-area-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bridge Industrial Breaks Ground on O\u2019Hare-Area Project\" \/>\n<meta property=\"og:description\" content=\"Bridge Industrial has broken ground on Bridge Point Melrose Park II, a speculative industrial building in Melrose Park, Ill.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-breaks-ground-on-ohare-area-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-07T11:10:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:06:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/Bridge-Point-Melrose-Park-II-e1662544051863.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-breaks-ground-on-ohare-area-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/bridge-industrial-breaks-ground-on-ohare-area-project\/\",\"name\":\"Bridge Industrial Breaks Ground on O\u2019Hare-Area Project - 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