Newmark Grubb Knight Frank (NGKF) is pleased to announce that the firm has been appointed as the exclusive broker in the sale of 7601 Durand Avenue, a 378,800-square-foot distribution warehouse located in Sturtevant, Wisconsin. 7601 Durand Avenue consists of approximately 23 acres and is the largest warehouse currently available in Racine County. NGKF was hired on behalf of ownership to market the property for sale. Senior Managing Directors Sergio Chapa, SIOR, and Michael Prost, in cooperation with Senior Managing Director Corey Chase, will lead the marketing efforts.
“This is a rare and exciting opportunity for qualified users to acquire a large ‘headquarters’ warehouse offering the ability for further expansion,” said Chase. “The 378,800-square-foot warehouse is situated on 23 acres, or approximately one million square feet, offering substantial room for growth, if needed. Furthermore, investors will benefit from the low real estate taxes, proximity to I-94 and capability for trailer storage.”
Located 35 minutes south of Milwaukee, Wisconsin, and 55 minutes north of Chicago O’Hare International Airport, 7601 Durand Avenue offers easy access to I-94 and both major markets. Originally built in 1972, with additions in 1995 and 1997, the property features 48,000 square feet of office space, 25’ ceiling height, 20 exterior dock doors, 10 interior dock doors, one drive in door as well as trailer storage.
According to NGKF Research, the industrial market in Southeast Wisconsin experienced a fourth consecutive quarter of improving conditions and closed a third year of robust growth. Since peaking at 10 percent in mid-2010, vacancy in the Southeast Wisconsin market has improved significantly to 6.6 percent.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.