ELGIN, IL, - Chicago-based Bridge Development Partners LLC has acquired a 319,043 square foot industrial facility at Randall Crossings Business Park along with an adjacent 10-acre land site from Ryan Cos. Terms of the deal were not disclosed.
The existing high-image facility was built in 2006 and is located at 2700 Alft Ln., one quarter mile from the full interchange at Randall Rd. and Interstate 90. It is currently 77% leased to Weber Stephen Products LLC and Pride Mobility Systems; 72,000 SF remain for lease.
Bridge plans to develop a speculative, 225,000 SF industrial facility on the land site at 2750 Alft Ln. in the Spring. Bridge expects it will be finished by year-end. Its capital partner for the acquisition and development project is Wanxiang America Corp.
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 the existing and proposed facilities.
“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 under way or complete," Steve Groetsema, Bridge's Director of Leasing, says in a press release. "Current tenant demand supports new development.”