Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for Ridge Brewster Creek, a 271,200-square-foot, 14-acre, industrial spec development within Brewster Creek Business Park in Bartlett, Illinois. NGKF was hired by the developer, Ridge Development Company, who closed on the land this month, to market and pre-lease the property.
Set for completion in September 2016, Ridge Brewster Creek will feature 32-foot clear ceilings, 36 exterior docks, four drive-in doors and DuPage County property taxes. Once complete, the facility will be divisible by 67,800 square feet and provide 2,500 amp electrical service, trailer parking, T-5 warehouse lighting, an ESFR sprinkler system and office space to-suit. NGKF’s Senior Managing Director Adam Marshall, Executive Managing Director Brian Carroll and Director Mark Deady will lead the brokerage team assigned to lease the new development.
According to NGKF research, the Q4 2015 industrial vacancy rate in the North DuPage submarket was 5.7 percent, which is the lowest rate recorded in the past 10 years.
“There are very few options available right now for companies seeking new and modern construction in DuPage County,” said Marshall. “The Ridge Brewster Creek development is the ideal size and location to satisfy current demand in this submarket. The site will also benefit from the new Illinois Route 390 expressway set to be completed next year, which will provide direct access to I-290/I-355 and O’Hare International Airport, and will eventually connect to I-294 and I-90 when the project is fully completed.”
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 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/.
About Ridge Development Company
Ridge Development Company (Ridge) is a leading provider of corporate real estate development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States. Ridge’s principals have been involved in the development, construction, ownership and management of more than 125 million square feet of institutional quality real estate throughout North America and have an average of 25 years’ experience in the real estate industry. Ridge is based in Chicago, with regional offices across the United States in Los Angeles, Dallas, Atlanta and Houston.