Newmark announces a 191,360-square-foot industrial lease at 4695 Clover Haven Street in Dallas, Texas. Newmark Managing Director Art Leichner and Director Andrew Crites represented the tenant, Distribution Management, Inc (DM), in the lease. The landlord, Exeter Property Group, was self-represented. Newmark represented DM in 985,904 square feet of lease expansions in 2019 and 2020, including the Dallas lease as well as 1495 Dennison Circle in Carlisle, Pennsylvania and 1001 Premier Parkway in St. Peters, Missouri. Newmark Director Chris Kutzler represented the tenant in Pennsylvania and Leichner and Crites cooperated with Newmark Grubb Zimmer Executive Director Kevin McLaughlin and Director Dan Lesinski in Missouri.
DM formerly occupied 70,000 square feet of warehouse and distribution space in Dallas, 115,000 square feet in Carlisle and 144,000 square feet in St. Peters; the company’s new leases represent a nearly 200 percent increase in their Southwest, Northeast and Midwest footprints. DM’s new leases were all for first generation shell construction and the company will take possession of its Dallas space in April, following the completion of over $1.5 million in tenant improvements. DM takes possession of its St. Peters space in May, and the Carlisle lease commenced in July 2019.
“Newmark started its expansion engagement with DM in the second quarter of 2018, assisting in a full scope of real estate services including a thorough site selection process, where we evaluated the tax benefits of multiple submarkets and counties to identify the right opportunity. We were able to secure tax abatements for DM in both Carlisle and St. Peters,” said Crites.
“Our expanded distribution footprint in Dallas, Carlisle and St. Peters continues to support the high-volume demand and shipping needs in mission critical regions-the Southwest, Northeast and Midwest,” said Vice President of Supply Chain at Distribution Management Rick Goe. “Serving our national and international client base, DM benefits from highly strategic distribution center locations, expanded facilities, automation-systems and growing staff to meet current and future demands as speed to market is still vital to the distribution industry.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. 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. For further information, visit www.ngkf.com.
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