Newmark Grubb Knight Frank (NGKF) is pleased to announce that the firm has pre-leased half of Ridge Brewster Creek, a 271,200-square-foot, 14-acre, speculative industrial development within Brewster Creek Business Park in Bartlett, Illinois on behalf of the developer, Ridge Development. The completed 135,600-square-foot lease was signed to an automotive part distributor at Ridge Brewster Creek. Senior Managing Director Adam Marshall, Executive Managing Director Brian Carroll and Director Mark Deady represented Ridge Development in the transaction.
“We are very pleased to have pre-leased half of Ridge Brewster Creek,” said Marshall. “There are minimal options right now for new, modern industrial facilities in DuPage County, as evidenced by NGKF’s first-quarter 2016 industrial research, which shows the vacancy in DuPage to have declined to 5.7 percent. Due to the strong activity we have had while construction at Ridge Brewster Creek is underway, we are confident that the property will achieve 100 percent occupancy in short order.”
Currently under construction and set for completion in September 2016, Ridge Brewster Creek will feature 32-foot clear ceilings, 36 exterior docks, four drive-in doors and DuPage County property taxes. Once complete, the remaining 135,600 square feet will be divisible and provide 1,900 amp electrical service, T-5 warehouse lighting, an ESFR sprinkler system and office space to-suit. The development is located within Brewster Creek, a premier 670-acre, mixed-use business park. Tenants enjoy many local amenities in Bartlett including restaurants, day care facilities, gas stations, banks, a Metra station, forest preserves and golf courses. Elgin Community College is also located nearby, which provides workforce recruitment and custom training services with grant support from the Department of Commerce and Economic Opportunity (DCEO).
The 135,600-square-foot lease was signed to an automotive brake rotor and drum distributor that will be relocating from its current location in Hanover Park. The firm will take occupancy of its new space at Ridge Brewster Creek in October 2016. Marshall, Carroll and Deady represented Ridge Development in the lease negotiations and will market the remaining 135,600 square feet available. Mike Sedjo, senior vice president of CBRE, represented the new tenant in the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’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.
NGKF 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 http://www.bgcpartners.com/.
About Ridge Development
Ridge Development is the industrial development arm of Transwestern Development Co., a diversified real estate developer with expertise in all commercial property types. Ridge is managed by the former principals of Ridge Property Trust. Ridge Development specializes in industrial development and investment in state-of-the-art warehouse, distribution and manufacturing facilities throughout the United States and Mexico. Ridge serves North American clients from five U.S. offices and one office in Monterrey, Mexico. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space.