ELGIN, IL-Slough Estates USA Inc. has sold another warehouse building in its business center near Randall Road and the Northwest Tollway, getting $5 million for a 65,656-sf asset from Bridge Development Partners, LLC. Madison, WI-based Stewart Associates leases 46% of the building at 2455 Alft Ln., and Bridge Development Partners plans to divide the remaining 35,656 sf into smaller units.
"We are bullish on this building's location in Elgin," says Bridge Development Partners principal Ronald T. Frain. "We prefer infill properties and would rather pay more for buildings we know will work immediately than pioneer new growth corridors with long lead times."
Bridge Development Partners has hired CB Richard Ellis senior vice president Lynn Homewood as exclusive leasing agent for its building. Space in Slough Business Center already is being marketed at net lease rates ranging from $5.75 per sf to $6.75 per sf. A CB Richard Ellis team of senior vice president J. Patrick McCourt and senior real estate manager Clarice Gunther represented Slough Estates USA Inc.
Earlier this summer, Capital Realty & Development bought a 42,486-sf warehouse at 2425 Alft Ln. for $4.2 million.
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