Newmark is pleased to announce the 353,322-square-foot lease extension at 8601 W. 47th Street in McCook, Illinois. Executive Managing Director Geoffrey Kasselman, SIOR, LEED AP, arranged the proactive lease extension on behalf of Assemblers, Inc.
Founded in 1974, Assemblers is a private assembly and contract packaging company. The firm has occupied 8601 W. 47th Street since 2016, when it leased the space to serve as its third Chicago-area facility in support of its growing third-party food production business. The firm also has facilities in Chicago and Bedford Park.
Assemblers recently signed a long-term extension of its lease at the McCook property to fortify its control of the space in conjunction with additional tenant improvements, and to preemptively address anticipated future market conditions for such space. Kasselman led the negotiations with the landlord Heitman Capital Management, on Assemblers’ behalf, while also assisting Assemblers with its financial analyses and decision matrices. Kasselman also represented Assemblers in its original lease of 8601 W. 47th Street in 2016.
8601 W. 47th Street is a modern, free-standing 353,322-square-foot pre-cast distribution facility on 17.83 acres. Built in 2015, the property features 32’ clear ceilings, 50’ x 50’ column spacing, heavy power, and an abundance of car and truck parking. It is situated within an Enterprise Zone and currently has “6B” real estate tax status with Cook County. Further, the property is located in a strategic “infill” location near I-55, I-294, UPS, USPS and FedEx, with easy access to local labor and downtown Chicago.
“This property continues to offer Assemblers a modern, state-of-the-art food-grade facility with superior access to I-55 and Assemblers’ other area facilities,” said Kasselman. “Over time this facility will become one of the premier food-related facilities in the Chicagoland area, and will serve Assemblers’ needs for some time to come.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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