This photo is from the groundbreaking ceremony of the new retail development located at 637-647 W. Roosevelt Road, held on April 17, 2018.
Pictured from left to right: Bill Warman, WW Architects, Carmen Gratace, Global Builders, Inc., Billy Lumino, Global Builders, Inc., Bonita Sanchez-Carlson, Near South Planning Board, Patrick D. Thompson, Alderman, 11th Ward, Jerry Karp, 635-647 W. Roosevelt Road, LLC, Larry Vivoda, Bob’s Discount Furniture, James Schutter, Newmark.
Newmark recently participated in a groundbreaking ceremony of a new, 42,000-square-foot retail development located at 637-647 W. Roosevelt Road in Chicago. The developer, 635-647 W. Roosevelt Road, LLC, and general contractor, Global Builders, Inc., hosted the ceremony on Tuesday, April 17th. In attendance was the 11th Ward Alderman Patrick D. Thompson, as well as representatives from Bob’s Discount Furniture, Global Builders Inc. and the Near South Planning Board.
Set for completion in Fall 2018, 637-647 W. Roosevelt Road will be three stories, and is anchored by Bob’s Discount Furniture who is leasing the top two floors. The anchor tenant was founded in 1991 with its first store in Newington, Connecticut and is ranked 12th in sales among U.S. furniture stores. As of April 2018, Bob’s has over 100 stores in 16 states. Bob’s 637-647 W. Roosevelt location is set to open on President’s Day, February 19, 2019. Newmark’s Senior Managing Directors James Schutter and Terry Alexa, along with Director Luke Sementa, are leading the brokerage team assigned to lease the remaining 10,000 square feet available on the first floor of the new development, which can either be divisible or contiguous.
“637-647 W. Roosevelt Road is a premier retail development of the Roosevelt retail corridor and once complete, will serve the South Loop, West Loop and Chinatown neighborhoods,” said Schutter. “There is a great deal of prospective tenant interest in the high-profile, street-level, small shop space that offers an outstanding location. The signage opportunities as well as the expressway exposure create a unique branding opportunity for any prospective tenants.”
Bob’s chose this location in the exciting Roosevelt Road corridor, 637-647 W. Roosevelt Road, because of its direct accessibility to the Dan Ryan Expressway and signage exposure to over 240,000 vehicles per day. The highly-visible and centralized location is near a myriad of retail, restaurants and just minutes from the University of Illinois at Chicago. Once complete, 637-647 W. Roosevelt will feature 42 below-grade parking spaces, free customer parking and loading dock access.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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