December 20, 2021 8:00 AM
Newmark announces the sale of three assembled land sites totaling ±42 acres in Portage, Indiana. Newmark Senior Managing Director Corey B. Chase, in cooperation with Associate Chris Hill, represented the undisclosed sellers in the transaction to buyer, Chicago-based industrial and logistics developer Dayton Street Partners, LLC (DSP).
DSP plans to begin speculative development of 538,000 square feet of warehouse/distribution space on the site—known as DSP Crossroads Portage. Chase and Hill will be retained to market the future spec space for lease or sale on behalf of DSP.
“With the purchase of these three sites, we are excited to break ground on the DSP Crossroads project, adding much needed and in demand industrial space in the Northwest Indiana industrial market,” said Howard Wedren, Founder and Managing Principal for DSP. “The project will attract industrial and logistics users with its proximity to Chicago, high visibility, frontage on I-94 and easy access to I-80, I-90 and I-65.”
“Industrial demand in the Chicagoland area—particularly for logistics and distribution product—in combination with lack of available land and rising development costs, are all factors attracting developers to Northwest Indiana,” said Chase. “DSP’s investment in this future industrial park is incredibly thoughtful and strategically timed. We look forward to our continued work on the project in partnership with DSP and congratulate them on a successful transaction.”
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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