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Newmark has successfully arranged the sale of an eight-building industrial portfolio totaling approximately 314,567 square feet, on behalf of the seller, PJT Marly LLC and its manager Berkowitz Enterprises, Inc. The properties average 40,000 square feet in size and are located in the western Chicago suburbs of Glendale Heights, Elgin, Bartlett, West Chicago and Sugar Grove, Illinois.
The portfolio featured modern precast properties constructed within the past 15 years. Built for light manufacturing, office and warehouse space, the eight facilities are 100% occupied and well-positioned for stability. Newmark’s Senior Managing Director Adam Marshall, SIOR, CCIM represented the seller and worked closely with Newmark’s Capital Markets Chicago group on the disposition. The portfolio was purchased by Toronto-based Agellan Commercial Real Estate Investment Trust (TSX: ACR.UN). The firm was self-represented in the purchase.
“Market conditions made it the opportune time to sell these well-located, suburban industrial properties, providing a solid return on investment for the seller,” said Marshall. “Aggregating these 100% occupied, mid-size properties also provided the buyer with an opportunity to acquire a diverse portfolio below replacement cost and at an appealing yield.”
About Newmark
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.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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.
Newmark 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 www.bgcpartners.com.