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Newmark Grubb Knight Frank (NGKF) is pleased to announce that Director Jeff Kennedy recently completed the purchase of 30300-30340 Solon Industrial Parkway in Solon, Ohio on behalf of LKL Properties. The acquisition of the triple-net-leased investment property was valued at $2,950,000. Kennedy represented the buyer, LKL Properties in the transaction.
30300-30340 Solon Industrial Parkway is a 79,000-square-foot industrial/flex facility situated on six acres. The property is ideally located within the prestigious Solon Industrial Park and offers easy access to I-480, I-271, SR 422 and SR 91. LKL Properties selected NGKF to facilitate its robust market search and site selection analysis in the acquisition of an industrial investment property. Kennedy ultimately secured the Solon Industrial Parkway property due to its centralized location and the recent signing of a long-term leased tenant.
“At the onset of working with LKL Properties, we pursued a multi-tenant facility nearby, but were notified very late in the negotiations that the property was withdrawn from the market,” said Kennedy. “Due to our resources and market knowledge, we were able to quickly source several other contending properties for our client to consider and ultimately, 30300-30340 Solon Industrial Parkway met all criteria and offered the most advantages.”
“Closing this deal on time was absolutely necessary due to the restrictions of a 1031 Exchange and to avoid a large tax penalty,” said Louis Bellante of LKL Properties. “Additionally, we were extremely short on time due to another property being pulled off the market at the last minute. Jeff’s market knowledge, coupled with his attention to this project from day one, made this complex deal possible.”
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 www.bgcpartners.com.