Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for 9300 King Avenue, a new 99,000-square-foot, 6.22-acre, industrial speculative development in Franklin Park, Illinois. NGKF was hired by the owner, a joint venture between the developer, Clarius Partners, LLC, and Wanxiang America Real Estate Group, LLC, who closed on the property this month, to market and pre-lease the property. Clarius is demolishing an existing 154,800-square-foot building to construct the new speculative facility, which will be completed by year-end 2017.
This brand new, state-of-the-art manufacturing and distribution facility will feature 32-foot clear ceilings, 10 exterior docks, 4 drive-in doors and reduced Cook County Class 6B real estate taxes. Once completed, the LEED designed facility will feature 2,000-amp electrical service, an ESFR sprinkler system, office space to-suit and is divisible to approximately 40,000 square feet. NGKF’s Managing Director Thomas Gath, Senior Managing Director Adam Marshall, SIOR, CCIM, and Director Mark Deady, CCIM, will lead the brokerage team assigned to lease the new development.
“With a Q4 2016 vacancy rate of 5.2 percent in this submarket, there are limited options available right now for companies seeking new, modern, Class A distribution space of this size in the area,” said Gath. “The new 9300 King facility will meet this current demand. The site will also benefit from its location on the east side of O’Hare, which is a key distribution location for Chicago and its surrounding suburbs.”
9300 King Avenue offers a signalized intersection on River Road and is in close proximity to public transportation, CP Rail Bensenville, UP Global II Northlake, O’Hare International Airport’s south cargo entrance, I-294 and I-90 and the city of Chicago. The village of Franklin Park offers a skilled workforce and several local amenities including two nearby Metra stations.
“We look forward to delivering such a high-quality, new project in an infill area where there are basically no developable land sites left,” said Senior Vice President of Clarius, Taivo E. Tammaru. “The Village of Franklin Park has been great to work with too,” he added.
About Clarius Partners
Clarius Partners, LLC is a commercial real estate investment and development management company headquartered in Chicago with over $950 million and approximately 8 million square feet of land, office, and industrial development projects completed or under management in Illinois, Pennsylvania, Arizona, California and South Carolina. For more information regarding Clarius Partners, LLC, please visit www.clariuspartners.com.
About Wanxiang America Real Estate Group, LLC
Wanxiang America Real Estate Group, LLC is a Chicago-based real estate investment firm specializing in opportunistic and value-add real estate. Dedicated to achieving an unmatched level of efficiency through a unique combination of a flat organizational structure, large pool of discretionary capital, and practical business approach, WAREG delivers a uniquely integrated investment approach to each deal, offering decades-worth of experience that spans the complete spectrum of real estate specialties. This efficiency, depth of network, and expertise has empowered WAREG to rapidly grow its portfolio to include virtually all commercial product types, while continuously achieving superior results. Since its inception in 2010, WAREG has contributed approximately $900MM in capital toward over 80 investments, encompassing over 200 properties from coast to coast.
For more information regarding Wanxiang America Real Estate Group, visit www.wanxiangrealestate.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.