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Bridge Development Trades Waukegan Portfolio to AEW
Bridge Development Partners sold three distribution buildings at Phase II of Bridge Point North Business Park in Waukegan, IL, to AEW. The buildings total 926,947 square feet and were 68% leased to two tenants at the time of sale. Terms weren’t disclosed.
“We’re extremely proud of what we’ve created at Phase II of Bridge Point North Business Park – developing a superior tenant roster that has created new jobs, tax revenue and economic vitality for the City of Waukegan and the surrounding area,” said Steve Groetsema, partner and COO at Bridge.
Phase II’s largest building, Building III, is home to the Bolke-Miller Company, which signed a long-term lease for 402,646 of its 544,429 square feet. Another prominent tenant is Thermoflex, which leased the entirety of the 228,252-square-foot Building V.
CBRE’s Michael Caprile, Zach Graham and Ryan Bain represented Bridge in the sale to AEW.
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