CHICAGO - Bridge Development Partners, LLC, has aquired a 65,656 SF multi-tenant office/flex building in Elgin, IL. for approximately $5,000,000, announced Ronald T. Frain, Principal of the privately owned, Chicago-based, commercial real estate development and investment firm. Debt financing was provided by Elliott L. Quigley, Senior Vice President of Key Bank Real Estate Capital, through the efforts of Melissa S. Pielet, Executive Vice President/Principal Finance, and Ellie Schumacher, Assistant Vice President Finance, both with HSA Commercial Real Estate.
The one-story building is located at 2455 Alft Lane, near the intersection of I-90 and Randall Road in Elgin. The seller, Slough Estates USA, Inc. a leading provider of flexible business space in Western Europe and North America, was represented in the transaction by the CB Richard Ellis team of J. Patrick McCourt, Senior Vice President, and Clarice Gunther, Senior Real Estate Manager, both with the Schaumburg office. Lynn Homewood, Senior Vice President, also in the Schaumburg office of CB Richard Ellis, is Bridge's exclusive leasing agent for the building.
The building is 46 percent leased to Madison, WI based Stewart Associates Incorporated, the largest independent supplier of insurance and insurance related technology products to the credit union industry and a unit of CUNA Mutual Insurance Society. "The remaining vacant 35,656 SF give us an opportunity to add value by redeveloping the available space into smaller units from 5,000 SF and larger. We are also bullish on this building's location in Elgin," said Frain. "We are constantly looking for new acquisition opportunities for land or industrial and office buildings anywhere within the Chicago metropolitan area. We prefer infill properties and would rather pay more for buildings we know will work immediately then pioneer new growth corridors with long lead times," he said.
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 2,400,000 SF of investment grade industrial buildings in the Chicago metropolitan market. The Bridge portfolio includes Wood Hill Crossings Business Park and Maple Point Business Park, both in Woodridge, IL; Deerpath Business Park in Vernon Hills, IL; Maple Point Business Center in Bloomingdale, IL; and significant properties in North Chicago, Addison, Berkeley, Wood Dale and Elgin.