Newmark is pleased to announce it has successfully represented Logistics Property Company, LLC (LPC) in its acquisition of a 28-acre site at the entrance of Brewster Creek Business Park in Bartlett, Illinois. The parcel will be developed into two distribution facilities totaling 414,000 square feet.
Newmark Senior Managing Director Adam Marshall, SIOR, CCIM, Executive Managing Director Brian Carroll and Director Mark Deady, CCIM, represented LPC in the land acquisition and were also hired to market and lease the two state-of-the-art facilities, which will be built simultaneously. Both 207,000-square-foot buildings will break ground by the end of the month with a target completion date of January 2020. Each building will feature 32-foot clear height ceilings, 28 exterior docks, two drive-in doors, on-site trailer parking and 234 car parking.
“These two facilities will be the ideal size and location to satisfy the current demand in this submarket,” said Marshall. “The site will also benefit from its proximity to the Illinois 390 Elgin O’Hare Expressway, I-90, I-88 and its great visibility.”
“We are pleased to have assisted LPC in its land acquisition,” added Carroll. “Newmark’s long-term relationship with the seller was also a critical piece in closing the transaction.”
Located in DuPage County, 35 miles west of downtown Chicago at the intersection of Stearns Road and Munger Road, Brewster Creek is a 670-acre mixed-use business park. It features fully improved sites ranging from two acres to more than 50 acres for purchase, build-to-suit or lease. Elgin Community College is located nearby, which provides workforce recruitment and custom training services with grant support from the Department of Commerce and Economic Opportunity (DCEO), offering a diverse and skilled workforce.
About Logistics Property Co.
Logistics Property Company, LLC (LPC) is a logistics real estate platform focused on the acquisition, development and management of state-of-the-art modern logistics properties in key North American markets. The management team of LPC partnered with Macquarie Capital Real Estate Investments (MREI) on the formation of the platform. LPC currently manages properties in key logistics markets including Dallas, Houston, Chicago and Seattle-Tacoma with an estimated end-value of over $1.25 billion. Headquartered in Chicago, LPC has offices in Atlanta, Dallas, Houston, and Los Angeles with office openings slated for Philadelphia, Miami and Seattle. For further information, please visit logisticspropco.com and follow us @logisticspropco.
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.
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