Bridge Development Partners LLC has sold the 319,043-square-foot industrial facility at 2700 Alft Lane at Randall Crossings Business Park in Elgin to Boston-based TA Associates for $20.2 million.
In the sale, Jeff Devine and Steve Disse of Colliers International, as well as Ken Franzese and John Cassidy of Lee & Associates of Illinois, represented Bridge and its capital partners, Elgin-based Wanxiang America Real Estate Group and Dallas-based Hunt Realty Investments Inc.
The sale comes exactly one year after Bridge/Wanxiang acquired 2700 Alft Lane and follows the building’s stabilization. Tenant Weber-Stephen Products LLC, a manufacturer of charcoal and gas grills and accessories, held an expiring lease when Bridge/Wanxiang took ownership. Bridge/Wanxiang first executed a long-term lease extension for Weber, and then most recently, expanded its lease to 246,723 square feet, bringing the facility to full occupancy. Noel Liston of Darwin Realty and Development represented Weber in the lease expansion; Franzese and 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,” said Bridge Director of Leasing Steve Groetsema.
2700 Alft Lane is located one quarter mile from the full interchange at Randall Road and Interstate 90 and features 30-foot clear ceiling heights, ESFR sprinklers and above-standard loading and parking.
Bridge/Wanxiang remains owner of the adjacent 10.16-acre parcel at 2750 Alft Lane and recently broke ground on a 225,205-square-foot speculative industrial facility there.