CHICAGO—The real estate investment firm Bridge Development Partners, LLC has just sold the 319,043-square-foot industrial building at 2700 Alft Lane at Randall Crossings Business Park in suburban Elgin to Boston-based TA Associates for $20.2 million.
Bridge and its partners, Elgin-based Wanxiang America Real Estate Group and Dallas-based Hunt Realty Investments, Inc. acquired the property about one year ago and brought it up to full-occupancy. At the time of purchase, the lease for Weber-Stephen Products LLC, the manufacturer of charcoal and gas grills, was expiring, but the new owners secured a long-term lease extension and eventual expansion to 246,723-square-feet. Noel Liston of Darwin Realty and Development represented Weber in the lease expansion; Ken Franzese and John Cassidy of Lee & Associates of Illinois represented Bridge.
“We are pleased with the execution of this transaction—expanding and extending our anchor tenant, timing the disposition of the asset to meet significant demand for core industrial product and selling to a great buyer like TA who has a long track record of success in Elgin,” says Bridge director of leasing Steve Groetsema.
2700 Alft Lane sits only one-quarter mile from the interchange at Randall Rd. and I-90. It features 30' clear ceiling heights, ESFR sprinklers and above-standard loading and parking.
In the sale, Jeff Devine and Steve Disse of Colliers International, as well as Franzese and Cassidy, represented Bridge.
Bridge and Wanxiang retain ownership of the adjacent 10.16-acre parcel at 2750 Alft Lane. The firms recently broke ground on a 225,205-square-foot speculative industrial building there.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
