Lee & Associates has completed the sale of a large industrial property in Elgin, Illinois, closing a $24.8 million transaction for a 442,601-square-foot building at 1717 Gifford Drive. The deal involves a significant manufacturing user acquiring the asset for long-term occupation and facility upgrades.
The buyer, PJP Holdings, LLC, a rigid plastic manufacturing company, was represented by Lee & Associates’ Illinois office. Principal Frank Griffin and senior vice president Mike Adams led the team advising PJP Holdings on the acquisition. On the sell side, JP Elgin Project Company LLC was represented by Jack Brennan and Steve Bass of NAI Hiffman.
According to Lee & Associates, the trade ranks as the second-largest industrial building sale in the metropolitan Chicago area in 2026 by square footage. It also stands as the largest industrial building sale completed so far this year in the North Kane/I-90 submarket, both in terms of building size and total dollar volume.
PJP Holdings plans to modernize the existing facility and surrounding infrastructure as part of its post-acquisition strategy. The buyer’s intent is to update the property for ongoing industrial use, positioning the building to support expanded manufacturing operations over the long term.
Griffin noted that the planned improvements are designed to support sustained industrial activity and future growth. Upon completion of the modernization work, PJP Holdings expects to run the facility on a full three-shift operating schedule, reflecting a substantial production footprint at the site.
The expansion of activity at 1717 Gifford Drive is anticipated to generate new employment opportunities in the area and reinforce Elgin’s industrial labor base. Legal counsel for PJP Holdings was provided by the law firm Liston & Tsantilis, which assisted the buyer in completing the transaction.
