Chicago, IL (12/09/2016)
Newmark Grubb Knight Frank (NGKF) recently completed a long-term, 121,663-square-foot lease to an undisclosed food and beverage company at 9020 Murphy Road (Union Pointe Business Park) in Woodridge, Illinois on behalf of the building ownership, Met Life. This past May, NGKF also represented the Union Pointe Business Park in the 145,200-square-foot, 10.6-acre, build-to-suit for purchase to remaining AMS Mechanical Systems, Inc. within the Park. The two transactions, totaling 266,862 square feet, close out the space and land in Union Pointe.
Conveniently located at the northeast quadrant of I-355 and I-55 in Woodridge, Union Pointe Business Park is an 80-acre, Class A, industrial and office business park offering expressway visibility, competitive tax rates and an abundant labor force. The Park is located along one of the area's most prominent transportation corridors and is readily accessible to O'Hare International Airport and Midway Airport. Less than a mile from Promenade Bolingbrook, the Park is also readily accessible to a myriad of restaurants, retail and leisure options. Conor Commercial Real Estate and McShane Construction, members of Rosemont, Illinois-based The McShane Companies, are the developer and builder of the Park, respectively.
The new 121,663-square-foot lease to the undisclosed food and beverage company features offices totaling 25,000 square feet and 96,663 square feet of production area and warehouse-distribution space. Additionally, the new space features 32' clear ceilings, 12 docks and 200 car parking. NGKF's Executive Managing Director Brian Carroll and Director Jim Cummings represented Met Life in the transaction, and Jason Lev and John Suerth of CBRE represented the undisclosed food and beverage company.
The 145,200-square-foot build-to-suit for AMS Mechanical Systems, Inc. broke ground in June 2016 and is scheduled for delivery by the end of this year. AMS is a full-service mechanical contracting company serving the chemical, food, process, manufacturing and power industries for over 50 years. The high profile pre-cast building highlights two stories of offices totaling 31,000 square feet, manufacturing and warehouse area, 32' clear ceilings, ESFR sprinkler system, five docks, seven drive-in doors, and ample car and trailer parking. NGKF's Carroll and Cummings represented ownership of Union Pointe Business Park and Chris Gary of NAI Hiffman represented AMS Mechanical Systems, Inc. McShane Construction is the general contractor and Ware Malcomb is providing the architectural services.
In late 2010, NGKF's Carroll introduced the 80 acres owned by Gallagher and Henry Home Builders to Conor Commercial and soon thereafter the two formed a partnership. At that time, Union Pointe was the first new business park development in metro Chicago since the great recession. NGKF was awarded the exclusive marketing agent with Carroll and Cummings as the designated team-leads. Early on, Union Pointe landed a 362,500-square-foot build-to-suit long-term lease to Edward Don Company, the nation's leading distributor of foodservice equipment and supplies. Another 347,511-square-foot build-to-suit long-term lease followed to Orbus Exhibit and Display Group. A speculative building of 256,880 square feet was delivered by Conor early 2015 with 135,213 square feet pre-leased to the Kellogg Company. Conor sold the spec project to Met Life who retained NGKF to market the remaining space now leased to the undisclosed food and beverage company. Mc Shane and Ware Malcomb provided the construction and architectural services for the three projects. It is reported that the cost to build the 1.2 million square feet overall development at Union Pointe Business Park, plus the value of the lease-up and investment sales of three of the projects, is in excess of $150 million.
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 14,100 professionals operate from more than 400 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/.