Bridge Development Partners’ Downers Grove Phase I + II Wins NAIOP Chicago's Industrial Spec Development of the Year Award
Bridge Development Partners announced today that it has been awarded NAIOP Chicago’s 2020 “Industrial Speculative Development of the Year” award for Bridge Point Downers Grove, Phase I and II – the 678,858-square-foot, state-of-the-art industrial campus which is now fully leased by multiple tenants, including a publicly-traded e-commerce company.
NAIOP formally extended the award to Bridge Development Partners at the organization’s 33rd Annual Commercial Real Estate Awards Gala, held virtually on November 12.
“We’re honored to accept this award for our work on Bridge Point Downers Grove – a project that has proven to be not only a success in its own right, but an economic boon to the Village of Downers Grove,” said Nick Siegel, Partner - Chicago Region, at Bridge Development Partners. “This development’s success in attracting a superior roster of tenants is a testament to not only the booming industrial market across Chicagoland, but also BRIDGE’s ability to provide a modern, top-of-the-line, last-mile delivery industrial campus that appeals to first-class companies with global reach. We are extremely proud of its success, and grateful for the recognition from NAIOP and our many peers across the industry.”
The site was formerly a completely vacant piece of farmland that had never before been developed, which created numerous challenges for development. BRIDGE transformed the site into a Class-A industrial park in the heart of the DuPage County submarket that features three state-of-the-art facilities measuring 174,576 square feet, 212,937 square feet, and 291,345 square feet, respectively. Each building offers ideal specifications for an array of tenants including retail showrooms, corporate headquarters, and shipping and logistics operation centers. The project’s largest tenant, a publicly traded e-commerce company, leased the entirety of Buildings II and III, totaling 504,282 square feet. The campus also includes a 10-acre parking lot to support the e-commerce company’s onsite logistics operations.
Completed on time and on budget in August of 2019, Phase I was 97 percent leased by December 2019 and is fully leased today. The 10.87-acre property for Phase II was acquired by BRIDGE in August of 2019 and was leased in its entirety to use as a parking lot to help support the e-commerce company’s warehousing and distribution operations.
Bridge Point Downers Grove is strategically located, with immediate access to a number of major regional arteries including Interstates 88, 355, 290 and 294. Even before development commenced, it was positioned to attract tenants from Interstate 55, West Cook County and DuPage County — three of the region’s most dynamic submarkets.
The Cushman & Wakefield team of Jason West, David Friedland, Sean Henrick, Michael Magliano, Doug Pilcher and Ryan Klink represented BRIDGE on the leasing of the project. Associated Bank was the construction lender on the deal.
This is the fourth consecutive year that BRIDGE has won Industrial Speculative Development of the Year at the Chicago NAIOP Awards. BRIDGE was recognized for its Bridge Point Franklin Park project in 2019, Bridge Point 290 Phase I in 2018, and Bridge Point North I in 2017.