Torrance, CA – February 22, 2011 – (RealEstateRama) — Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has completed a 10-year lease for a 48,300-square-foot build-to-suit industrial building located within the Fox River Business Center on Airport Road in Elgin. The value of the transaction is undisclosed.
John Cassidy and Ken Franzese, both principals, of Lee & Associates of Illinois, LLC represented the landlord, Northern Builders. The tenant, Bystronic, Inc., was represented by Jeff Janda and Jim Planey, both principals, and Mike Plumb, vice president, also with Lee & Associates. This will be the North American headquarters for Bystronic.
According to Plumb, the lack of available Class A industrial space in the I-90 corridor led to this Build-to-Suit property.
“This transaction marks a recent trend with machine tool manufacturers relocating to the Chicagoland area, and more specifically the I-90 Corridor,” said Plumb. “In addition, an aggressive incentive package was offered by the municipality to bring new jobs to the Elgin area.”
About Lee & Associates
Celebrating 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 41 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, New Jersey, Nevada, Texas and Wisconsin. With a roster of more than 600 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.