Newmark Grubb Knight Frank (NGKF) announced today that it has successfully completed three significant industrial lease transactions totaling nearly 716,000 square feet on behalf of Assemblers, Inc., Petco and Cummins in the I-55 Corridor submarket. Led by Geoffrey Kasselman, SIOR, LEED AP, executive managing director and head of NGKF’s national industrial practice, the recent completion of all three transactions are valued in excess of $22 million in aggregate.
“While each user has markedly different businesses and space utilization dynamics, they all benefit from proximity and access to I-55,” said Kasselman. “The I-55 Corridor provides for superior access to their respective customers, vendors and suppliers, and also serves their labor needs; plus there is still an ample supply of modern, high-quality spaces for such discerning users. It further underscores the inherent strengths of this submarket.”
In the first transaction, NGKF completed a long-term, 353,322-square-foot lease on behalf of Assemblers, Inc.at 8601 W. 47th Street in McCook, Illinois. Founded in 1974, Assemblers is a private assembly and contract packaging company. The firm inked the lease of the vacant, modern, speculative facility in McCook to serve as its third Chicago-area facility in support of its growing third-party food production business. Kasselman handled lease negotiations while also providing multi-market site selection for Assemblers, along with financial analyses, decision matrices, business case modeling, tenant improvements coordination, and architect and general contractor selection. Heitman Capital Management, who recently purchased 8601 W. 47th Street in April 2016, was represented by Jason West, SIOR, of Cushman and Wakefield.
NGKF’s Kasselman and Jack Cozzie, senior managing director, represented Petco, a leading pet specialty retailer, in a 309,840-square-foot lease renewal. Petco extended its lease for one of its core distribution centers located at 3801 Rock Creek Boulevard in Joliet, Illinois. Kasselman and Cozzie assisted the firm with a market condition assessment, competitive space analyses, financial analyses, tenant improvement coordination and lease negotiations. NGKF provides national real estate services to Petco through a dedicated account team led by J.R. McDonald, executive managing director in the firm’s Boston office. Jason West, SIOR, of Cushman and Wakefield represented the landlord, TIAA-CREF in this transaction as well.
In the third transaction, NGKF’s Kasselman represented Cummins in a long-term, 51,900-square-foot lease at 6140 River Road in Hodgkins, Illinois, along with NGKF’s Corey Chase, senior managing director, and Joshua Bauer, associate. Founded in 2001, Cummins is the upper Midwest’s premier engine and power generation systems distributor. Due to the firm’s growing Chicago-area commercial vehicle service business, the firm engaged NGKF to assist in finding an additional location. NGKF ultimately helped to secure the subject space in Hodgkins on behalf of Cummins based on its location in the heart of the I-55 corridor, offering immediate access to major highways in a centrally-accessible location for its commercial fleet clientele. Kasselman, Chase and Bauer assisted the firm with its multi-market site selection, financial analyses, decision matrices, business case modeling, tenant improvements coordination as well as the lease negotiations. NGKF Global Corporate Services (GCS) provides exclusive global real estate services to Cummins via a dedicated account team led by Wills Allen, managing director, J.D. Byrnes III, senior managing director and Tamara Haney, director. Jason West, SIOR, and Sean Henrick, SIOR, of Cushman and Wakefield represented the landlord, Exeter Property Group, along with Jason DeFilippis of Exeter.
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 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/.