Newmark is pleased to announce that Executive Managing Director Geoff Hill and Senior Managing Director Patrick Shannon, both of the company’s Detroit office, recently completed two industrial investment sales in excess of 300,000 square feet. Both transactions were completed during third quarter 2017.
In the first transaction, Hill and Shannon arranged the successful sale of 2133-2233 Petit Street in Port Huron, Michigan, which comprises two adjoining industrial parcels totaling 169,000 square feet. Hill and Shannon represented the seller, Lakeport Realty, in the $6,250,000 transaction. The property is leased to US Farathane, a plastics manufacturer, on a long-term lease and was purchased by J & K Property.
Hill and Shannon also successfully arranged the sale of 30700-30900 Stephenson Highway, a 139,000-square-foot, five-building, hi-tech complex in Madison Heights, Michigan. They represented the seller, KF Associates, in the transaction valued at $6,300,000. The buyer, 30900 Partners, LLC, was self-represented. Hill stated, “30700-30900 Stephenson Highway is a high-image complex with high-quality tenants. The asset’s excellent location and 70 percent occupancy also made for a very attractive opportunity for the buyer.”
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 15,000 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; Newmark Capital Markets services, including investment sales, debt placement, valuation and advisory 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.