Newmark is pleased to announce that the firm has successfully arranged the sale of 2501 West Davey Road, a 103,241-square-foot, Class A property including office, laboratory and warehouse space in Woodridge, Illinois.
The property, sold to an undisclosed buyer, is partially occupied by Elevance Renewable Sciences, Inc., which leases 75,273 square feet for its operations. Newmark Senior Managing Directors Corey Chase and Jeff Miller, SIOR, represented the private seller in the transaction along with Newmark Executive Managing Director Sean Fulp and Associate Director Mark Schuessler, both of the firm’s Los Angeles, California office.
“We are thrilled to have successfully coordinated the sale of 2501 West Davey,” said Chase. “The property offered a unique opportunity for the buyer to acquire a mixed-use building within a highly sought after location in the I-55 corridor submarket.”
“The building also provides the buyer an ability to accommodate a future expansion or redevelopment,” added Miller.
Built in 2000, 2501 West Davey Road is a Class A building located in the southwest suburb of Woodridge. The property benefits from the close proximity to I-55, I-355, Midway International Airport and downtown Chicago. The building features approximately 65 percent office, 20 percent lab and 15 percent warehouse space plus 18’ clear height ceilings and two dock-high loading doors on more than 14 acres of land.
Newmark guided the sale of the property via the RealINSIGHT Marketplace, a new online auction platform. RealINSIGHT Marketplace launched in spring 2017 and has already facilitated the sale of over $300 million of real estate and non-performing loans year-to-date.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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