January 6, 2021, 11:30 AM
Newmark announces 388,940 square feet of real estate transactions with Teel Plastics, LLC (Teel Plastics) in Baraboo, Wisconsin–the company’s new, 180,000-square-foot lease at 1300 Sauk Avenue and the 208,940-square-foot, two-property sale-leaseback of 1060 Teel Court (139,090 square feet) and 426 Hitchcock Street (69,850 square feet).
Newmark Vice Chairman Andrew Sandquist, Managing Director JC Asensio and Associate Director Briggs Goldberg–in cooperation with Directors Travis Tiede and Adam Matson–represented the tenant, Teel Plastics, in both transactions. LCN Capital acquired the two-property industrial portfolio sale leaseback.
“A long time Baraboo presence, Teel Plastics’ recent moves mark a significant expansion–the space will enable the company to accommodate the growth it has experienced in 2020 and its continued growth driven by new product lines,” said Sandquist.
“It was great working with Newmark,” according to Tom Thompson, President of Teel Plastics. “They had great perspective on the national market and helped us get the deals closed quickly while listening to the local perspective. We can’t wait to start 2021 positioned for growth.”
Teel Plastics–a technology-driven manufacturer of highly engineered and complex plastic components–creates roughly 120 million COVID-19 testing swab sticks monthly and was recently awarded a $6.8 million Department of Defense contract under the federal Health Care Enhancement Act to facilitate expanded production capacity and add between 30 and 50 employees. A winner of Wisconsin Manufacturer of the Year in 2015, Teel Plastics serves the agriscience, laboratory sampling bags, medical, consumer cosmetics, water treatment, flex-film cores and industrial piping markets.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.