Newmark Grubb Knight Frank (NGKF) is pleased to announce that the firm recently represented both the buyer and seller in the sale of 1331-1337 Schiferl Road, a recently completed 272,000-square-foot, 14-acre, speculative industrial building within Brewster Creek Business Park in Bartlett, Illinois. NGKF Senior Managing Director Adam Marshall, Executive Managing Director Brian Carroll and Director Mark Deady represented the property owner and developer, Ridge Development, in the transaction and NGKF Senior Managing Director Elise Couston represented the undisclosed institutional buyer. NGKF was also selected as the exclusive leasing agent and property manager for the building.
In June 2016, Marshall, Carroll and Deady pre-leased half of 1331-1337 Schiferl Road, completing a 135,600-square-foot lease at the property on behalf of Ridge Development. The lease was signed to an automotive brake rotor and drum distributor that relocated from Hanover Park and took occupancy of its new space at 1331-1337 Schiferl Road in October 2016. The NGKF team will continue its marketing efforts to secure the remaining 135,600 square feet available.
“We are thrilled to have been a part of this transaction,” said Marshall. “Ridge did an excellent job developing this speculative property in an area that had minimal options for new, modern industrial facilities in DuPage County. On top of offering modern amenities, the asset’s excellent location also made for a very attractive opportunity for the buyer. “
Completed in September 2016, 1331-1337 Schiferl Road features 32-foot clear ceilings, 36 exterior docks, four drive-in doors and DuPage County property taxes. The remaining 135,600 square feet available is divisible and provides T-5 warehouse lighting, an ESFR sprinkler system and office space to-suit. The development is located within Brewster Creek, a premier 670-acre, mixed-use business park. Tenants enjoy many local amenities in Bartlett including restaurants, day care facilities, gas stations, banks, a Metra station, forest preserves and golf courses. Elgin Community College is also located nearby, which provides workforce recruitment and custom training services with grant support from the Department of Commerce and Economic Opportunity (DCEO).
About Ridge Development
Ridge Development is the industrial development arm of Transwestern Development Co., a diversified real estate developer with expertise in all commercial property types. Ridge is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Ridge serves North American clients from five U.S. offices and one office in Monterrey, Mexico. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space.
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/.