Chicago-based Bridge Development Partners LLC has acquired from Ryan Cos. an existing 319,043-square-foot industrial facility at 2700 Alft Lane at Randall Crossings Business Park in Elgin along with an adjacent 10-acre land site. Bridge plans to develop a speculative, 225,000-square-foot industrial facility at the site beginning in spring 2013. Its capital partner for the acquisition and development project is Elgin-based Wanxiang America Corp.
Built in 2006, 2700 Alft Lane is currently 77 percent leased to Weber Stephen Products LLC and Pride Mobility Systems with 72,000 square feet remaining for lease. The high-image facility 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.
2750 Alft Lane, the proposed speculative facility, will feature 32-foot clear ceiling heights, ESFR sprinklers, T5 lighting and offices to suit. Bridge anticipates a year-end 2013 completion.
“Prior to this year, the I-90 submarket hadn’t seen speculative construction in five years, and now with nearly all state-of-the-art space absorbed and several build-to-suit projects underway or complete, current tenant demand supports new development,” said Steve Groetsema, director of leasing for Bridge.
John Cassidy and Ken Franzese, both principals of Lee & Associates of Illinois LLC, represented Bridge and Ryan Cos. in the transaction. They will serve as exclusive marketing agents for 2700 Alft Lane and the newly developed 2750 Alft Lane.