CHICAGO - May 22, 2018 - CBRE recently represented Bolke Miller Company (BMC) and the landlord, Bridge Development, in a 308,000-square-foot lease in a new facility at at the 225-acre Bridge Point North development in Waukegan, Ill.
Whit Heitman of CBRE represented BMC in the transaction and Sam Badger, Brad Weiner and Jared Paff of CBRE represented the owner Bridge Development, in partnership with Banner Oak Capital Partners, Wanxiang America Real Estate Group and Globe Corporation.
BMC will anchor a new 544,000-square-foot development at 1350 Bridge Drive. Scheduled for completion in the first quarter of 2019, the property will offer 36' clear heights, 42 exterior docks and 21 trailer positions.
BMC, a contract packaging firm that specializes servicing Fortune 500 companies in the snack, health food and beverage industries, will be increasing its footprint in the area with this move from 255,000 square feet to 440,000 square feet across multiple facilities.
"This was an excellent opportunity for BMC to upgradd its facilities and provide growth, while still maintaining its excellent location and labor force," said CBRE's Heitman.
This new lease will launch phase two of the project's development, as Bridge Development will be delivering two more speculative developments to conicide with BMC's new location.
At 3971 Lakeside Drive, Bridge will launch at 154,266-square-foot facility with 32' clear heights and 57 exterior docks, and at 1550 S. Waukegan Rd the developer will begin construction on a 228,252-square-foot building with 32' clear heights and 59 exterior docks. Both are set for completion in early 2019.
"We continue to see increasing demand in this area and these new facilities will be very attractive to firms that want a premeir position along the logistics corridor between Chicago and Milwaukee," said CBRE's Badger. "The park has gotten off to a great start and we expect to see the second phase generate the same level of interest."
Phase one of the project delivered 1,025,000 square feet in 2017 and is occupied by firms such as Medline and Visual Pak. There is 262,424 square feet of phase one still available.
Located in northern Lake County, the 225-acre development is located in an enterprise zone and offers competitive local and state incentives for manufacturing and distribution facilities. It also offers easy access to I-94, allowing for commute times to both the Chicago and Milwaukee market to be less than an hour.
Bridge Development Partners develops investment-grade buildings, business parks and acquire land for the development of speculative and build-to-suit projects.
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CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.