Bridge Sells 319K Industrial for $20M

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.