CRE Midwest

Bridge Development Partners sells spec project

Elgin-building-photo-Bridge
2750 Alft Lane

Bridge Development Partners has sold 2750 Alft Lane, a 225,205-square-foot industrial property on 10.69 acres in the Randall Crossings Business Park in Elgin, to Boston-based TA Realty.

Bridge Development Partners has sold 2750 Alft Lane, a 225,205-square-foot industrial property on 10.69 acres in the Randall Crossings Business Park in Elgin, to Boston-based TA Realty. Jeff Devine and Steve Disse of Colliers International represented Bridge in the transaction.

The Alft Lane property was developed by Bridge Development in partnership with Hunt Realty Investments and Wanxiang America Real Estate Group and was completed in July 2014.

In fall-2014, Hansen Plastics and Specialty Packaging Technologies signed leases for 135,669 and 33,487 square feet respectively, bringing the property to 75 percent leased within months of the building’s delivery. The remaining available unit at the property is 56,049-square-foot unit with 12 exterior truck docks, one drive-in door and office space-to-suit. The building is of state of the art construction and features 32-foot clear ceiling heights, an ESFR sprinkler system, and above-standard loading and parking as well as immediate access to the Interstate 90/Randall Road interchange.

“We are really pleased with the execution of the business plan for 2750 Alft,” said Steve Groetsema, Director of Development and Leasing with Bridge. “To construct, lease, and sell a property all in a relatively short amount of time requires a lot of help from a lot of people, namely the City of Elgin, great brokers representing both Bridge and the tenants, and a buyer like TA that is just so easy to work with and executes in a timely manner.”

Hansen Plastics is a plastic injection molding firm and Specialty Packaging is a manufacturer of flexible packaging products such as re-sealable, shaped and spouted pouches. Hansen Plastics is expanding and consolidating from two locations in Elgin and South Elgin and Specialty Packaging is expanding from their current Elgin location. Hansen Plastics was represented by Brian Kling of Colliers International and Specialty Packaging was represented by John D’Orazio also of Colliers International. Ken Franzese and John Cassidy of Lee & Associates of Illinois represented Bridge/Wanxiang in both deals. A March 2015 occupancy is targeted for both tenants. “Hansen and Specialty Packaging are two great companies that have histories with the City of Elgin, and wanted to continue their relationships there and we are pleased to be part of that,” Groetsema said. “Hansen particularly was a complex deal that would not have been possible without a great broker being involved, and most importantly a company leadership that had a clear vision for their new headquarters.”