Ryan Completes Construction of 246,457-SF Elgin Industrial Facility
Ryan Companies US, Inc. has completed the construction of a 246,457-square-foot speculative industrial development for Molto Properties at 2770 Alft Court within the Randall Crossings Business Park in Elgin, Ill.
Randall Crossings Business Park is a master-planned business park which provides flexible industrial uses from general industrial and manufacturing to distribution and office space in a commerce park environment. Ryan has owned the 70-acre park since 2005 and completed a turn-key presale speculative construction transaction with Molto in December 2015.
The building, which sits on a 13.51-acre site, is a double-loaded, single- or multi-tenant facility with 50-foot-by-50-foot typical bay sizes, a 60-foot speed bay, 32-foot clear ceiling height, and office space to suit. Included in the building are 40 existing truck docks (and the potential for 32 additional), four drive-in doors and parking for 188 vehicles. Construction of the building started in the spring of 2015.
Ken Franzese and John Cassidy, principals with Lee & Associates, are marketing this building, 2770 Alft Court, on behalf of Molto Properties and the business park on behalf of Ryan Companies. With the completion of this building, the park includes more than one million square feet of space. Additionally, there is one parcel totaling 5.7 acres that remains for development.
“The turn-key speculative presale scenario has been a successful model for development and construction opportunities for Ryan within Randall Crossings Business Park over the last 18-24 months,” said John Dunneback, Ryan’s Director of Development.
In the last 12-18 months there has been considerable construction activity at Randall Crossings. In the fall of 2015 Ryan completed a 108,000-square-foot building at 2725 Alft Lane after earlier completing a 225,000-square-foot industrial building at 2750 Alft Lane.
The market and this location have proven to be very attractive for buyers and users in I-90/North Kane Submarket. This project expands the availability of quality Class A industrial product for businesses requiring a location in this submarket, Dunneback added. He noted the park’s convenient location less than one-half mile from Randall Road and the Jane Addams Memorial Tollway (I-90).
“We were excited to have Ryan Companies and Lee & Associates as team members in the construction and marketing of this project,” said Todd Narcatto of Molto Properties. “The North Kane submarket continues to demonstrate strong fundamentals which should bode well for the leasing of the property.”
Randall Crossings represents one of four Chicago area business parks developed by Ryan Companies: Randall Crossings Business Park in Elgin, Boldt Park in Romeoville, Territorial Business Center in Bolingbrook and Laraway Crossings Business Park in Joliet.
About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a 3rd generation, family-owned national developer, designer, capital investment consultant, builder and real estate manager specializing in fully integrated solutions for over 75 years. Key market sectors include: retailers, industrial, healthcare, senior living, and corporate build-to-suit; and product experience includes work on office, retail, mixed use, hospitality, multi-housing, industrial, medical office building, senior living, distribution center, public sector, and mission critical facilities. Ryan serves customers throughout the United States with offices in the North, Midwest, Great Lakes, Southeast, South Central, Southwest and West regions. Ryan was named the 2007 National Developer of the Year by NAIOP, the Commercial Real Estate Development Association. For more information, visit www.ryancompanies.com.
About Molto Properties
Molto Properties, founded in 2008, is a privately held, entrepreneurial industrial real estate firm. Our focus is the acquisition, development and operation of quality industrial real estate in the central portion of the U.S. The firm currently owns and manages a portfolio of more than 4 million square feet of space and is actively developing additional property in Chicago, Louisville and Houston.