Performing on behalf of developer Bridge Industrial, The Missner Group has damaged floor on Bridge Level Melrose Park II, a speculative industrial constructing in Melrose Park, Unwell., that can present a lot wanted provide for the mounting demand within the Chicago-area’s O’Hare industrial market.
To assist make Bridge Level II a actuality, Bridge has secured a $25.1 million development mortgage by means of Related Financial institution N.A., Cook dinner County data present. The developer has additionally tapped Colliers’ Tom Rodeno, Matthew Stauber, and Patrick Turner to spearhead leasing exercise for the venture. Missner is on observe to finish development within the third quarter of 2023.
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The roughly 186,900-square-foot facility will have the ability to accommodate smaller industrial customers available in the market, in addition to these in search of an area over 100,000 sq. toes. Designed by structure agency Ware Malcomb, the property will characteristic 36-foot clear heights, drive-in doorways, 30 exterior docks, greater than 200 automobile parking areas and 30 trailer storage areas.
Evolution of a web site
It’s befitting that Missner is appearing as basic contractor of Bridge Level II, as the corporate has a historical past with the location. Bridge Level II, which is able to sprout up close to the 1.5 million-square-foot Bridge Level Melrose Park venture, will occupy a 12-acre parcel that the developer acquired from a three way partnership of Missner and Timber Hill for roughly $22.6 million in August 2022, based on Cook dinner County data.
Carrying the tackle of 2100 N. fifteenth Ave., the property was beforehand a truck trailer storage and parking facility that Missner and Timber Hill had developed in 2019, after demolishing a 300,000-square-foot, Seventies-era constructing on the location.
Proper venture, proper time
Now, the location—positioned inside 6 miles of O’Hare Worldwide Airport and 15 miles of Chicago’s central enterprise district—is destined for maybe its most extremely sought-after incarnation but. “The feverish tempo of exercise witnessed in O’Hare throughout 2021 carried into the primary half of 2022,” based on a Colliers industrial report. Within the second quarter of 2022, O’Hare’s emptiness charge dropped under the two % mark for the primary time in historical past, falling to only 1.78 %, marking the second-lowest emptiness charge of metropolitan Chicago’s 22 submarkets for the quarter.
An additional indication of the demand for industrial area within the O’Hare submarket, Bridge Level II’s predecessor, Bridge Level Melrose Park, turned 86 % pre-leased in Could 2022, properly upfront of its late 2023 completion.
