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Newmark Grubb Knight Frank (NGKF) announced that it has been appointed as the exclusive leasing agent for 10499 W. 164th Place in Orland Park, Illinois. The property, recently acquired, owned and managed by Midwest Industrial Funds, is currently being renovated with significant capital improvements.
10499 W. 164th Place is an approximate 48,000-square-foot, two-tenant industrial property. Midwest Industrial Funds, a Chicago-based industrial real estate investment, development and asset management company, purchased the property in June 2015 and have since put renovation plans in place. The firm is currently upgrading the building’s façade and renovating the vacant office and warehouse space with new paint, carpet and a more modern layout. Scheduled for completion at the end of August, the renovations also include the construction of a new parking lot and new landscaping. Built in 1995, the property features 18-foot clear ceilings, four exterior docks, two drive-in doors as well as an approved Class 6B tax incentive.
“10499 W. 164th Place is a modern, high-quality property in a great location,” said Justin Fierz, Principal with Midwest Industrial Funds. “When we purchased the property, it was already 50% leased by Shred-it, a global document management company, which currently occupies approximately 25,000 square feet. We immediately hired NGKF to market and lease the remaining space. Based on our past experiences with NGKF, we know that they will aggressively market the property and maximize the value of the property on our behalf.”
“We are excited to be working with Midwest Industrial Funds, a firm with a proven track record for success in the Chicago area,” said Jack Cozzie, senior managing director in NGKF’s Chicago office. “Located minutes from I-80 and LaGrange Road, the asset combines a centralized location with modern facilities and responsive ownership, all of which will help bring 10499 W. 164th place to its full potential.”
Cozzie will lead the brokerage team along with Jim Cummings, director in NGKF’s Chicago office, to lease the 24,658 square feet available.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank 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 12,800 professionals operate from more than 370 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/.