July 20, 2021 10:00 AM
Newmark announces the pending sale of three assembled land sites totaling ±42 acres in Portage, Indiana. The contract purchaser, Chicago-based industrial and logistics developer Dayton Street Partners, LLC (DSP), plans a three-building project totaling 538,038 square feet of warehouse/distribution space–DSP Crossroads Portage–on the site.
“We are excited to make this move into the Northwest Indiana industrial market, which has strong fundamentals and growing demand from logistics and distribution related tenants,” said Howard Wedren, Founder and Managing Principal for DSP. “Our DSP Crossroads Portage project, which is just 30 miles from Chicago, is well-positioned for industrial and logistics users, featuring incredibly high visibility, frontage on I-94 and easy access to I-80, I-90 and I-65.”
Newmark Senior Managing Director Corey B. Chase, in cooperation with Associate Chris Hill, are representing the undisclosed sellers in the sale of the transaction. Upon closing, Chase and Hill will be retained to market the buildings for lease or sale on behalf of DSP.
According to Newmark Research, there is just under 1 million square feet of new industrial construction scheduled to deliver in the site’s submarket in 2021, of which 420,360 square feet has already been leased.
“As demand for logistics and distribution product ramps up in the Chicagoland area, similar demand and development has begun to pick up in Northwest Indiana as a result,” said Chase. “This site represents a rare opportunity: a large, contiguous land site with highway frontage availability in Northwest Indiana.”
About Newmark
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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