November 14, 2022 12:30 PM
Newmark represented Scannell Properties in its acquisition of 176 acres for a new industrial and retail development at Irene Road and U.S. Route 20 in Belvidere, Illinois. The first project in this new development is a recently announced 1.3 million-square-foot build-to-suit warehouse and distribution center for an undisclosed Fortune 500 client on approximately 116 acres. There is a 46-acre site remaining to accommodate a manufacturing or distribution build-to-suit up to 585,000 square feet. As part of the new development, Scannell Properties will reconfigure the existing Irene Road to provide two additional commercial out lots, totaling approximately 14 acres, with great visibility on the northeast and northwest corners of the new Irene Road intersection at US Route 20.
Newmark Senior Managing Director Adam Marshall, SIOR, CCIM represented Scannell Properties in the land acquisition. Marshall and Senior Managing Director James Schutter represent Scannell Properties on the remaining sites.
“This new development is incredibly well-located in Belvidere’s already strong industrial base, proximate to the nearly 5 million-square-foot Stellantis Belvidere Jeep Cherokee Assembly Plant, with immediate access to a four-way interchange to I-90 at Irene Road,” said Marshall. “Complementing the site’s industrial strength, the property’s commercial component will be an additional benefit, an attractive location for potential gas, retail, restaurant, hotel and service tenants,” said Schutter.
In addition to local incentives for the build-to-suit currently under construction, IDOT awarded multiple grants to Belvidere to assist with realigning Irene Road north of US Highway 20. “The site will greatly benefit from this road realignment and provide improved traffic flow and upgraded utilities to the remaining sites,” concluded Chris Carlino of Scannell Properties.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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