Chicago - November 19, 2007 - Bridge Development Partners, LLC and a joint venture partner, San Francisco-based McMorgan & Co., have acquired 29 acres at Aptakisic Rd. and Leider Lane (formerly Asbury Dr.), just one half mile west of Milwaukee Ave. in Buffalo Grove, IL. The partnership plans to begin development of both an 188,215-square foot and a 146,850-square foot speculative industrial facility, as well as the retrofitting of an existing 173,000-square foot warehouse facility on the site.
The project, to total 508,000 square feet, will be named Aptakisic Creek Corporate Park. It will be the first new speculative industrial development in land-constrained Southern Lake County in many years.
"Aptakisic Creek will offer users new, functional office/warehouse facilities in a submarket with few modern options available," said Anthony Pricco, a principal with Bridge. "We are excited to enter this market and offer a high-quality development."
Bridge is breaking ground on both new buildings and retrofitting the existing building immediately. Completion of Aptakisic Creek Corporate Park is scheduled for summer 2008.
The larger, 188,215-square foot building will feature 30-foot clear ceiling height, 16 docks, four drive-in doors and 187 parking spaces. It will be divisible to 40,000 square feet. The smaller facility, divisible to 25,000 square feet, will offer 30-foot clear ceiling height, 16 docks, four drive-in doors and 150 parking spaces. The project architect is Itasca, IL-based Cornerstone Architects, Ltd., and the general contractor is Des Plaines, IL-based Premier Design + Build Group. Project financing is being provided by LaSalle National Bank.
John Hauser of Cushman & Wakefield represented Bridge Development on the land acquisition. Hauser and Charlie DesRosiers are the exclusive marketing agents for Aptakisic Creek Corporate Park and can be reached at 847-518-9100. The team is currently negotiating a long-term lease for the existing 173,000-square foot facility.
McMorgan & Company offers a full range of investment management services. The San Francisco based company manages more thean 200 client portfolios, covering over a half million participant members. A Real Estate Investment Adviser since 1971, McMorgan has invested approximately $3.5 billion in real estate projects and currently manages a portfolio of $1.7 billion as of June 30, 2007. McMorgan invests through separate accounts and co-mingled funds.
Bridge Development Partners, LLC, is a Chicago-based, privately owned commercial real estate development firm, founded in 2000 by principals Ronald T. Frain and Steven F. Poulos to develop and acquire industrial properties throughout Chicagoland. To date, Bridge has developed or acquired more than three million square feet of industrial and office buildings in the Chicago metropolitan market.