Chicago, IL (12/19/2016)
Newmark Grubb Knight Frank (NGKF) Retail has been appointed as the exclusive leasing agent for 100,000 square feet of retail and restaurant space within Wheeling Town Center, a $110 million, mixed-use development showcasing retail, restaurants, entertainment and residential living in Wheeling, Illinois. NGKF Retail was hired by the developer, The Lynmark Group, to market and pre-lease the highly-anticipated development.
Set to break ground in spring 2017, Wheeling Town Center will feature a 300-unit luxury apartment building with a modern amenity package. At the core of the Town Center will be a large pedestrian-friendly plaza, connecting tenants and visitors with the development's 100,000 square feet of retail, restaurants and entertainment venues. NGKF's Senior Managing Directors James Schutter and Terry Alexa, along with Director Luke Sementa, will lead the brokerage team assigned to lease the retail and restaurant space of the new development.
The NGKF Retail brokerage team recently completed a new 40,000-square-foot lease to a new high-end CMX movie theater at the Town Center. The Lynmark Group completed the transaction with NGKF Executive Managing Director, Gregory Kirsch, who represented the tenant, CMX. NGKF Retail represents CMX nationally and due to collaboration efforts with NGKF Retail's New York team, the marquee transaction was cultivated. CMX is an American subsidiary of Cinemex, the sixth-largest movie theater chain in the world with over 300 theaters and 13,000 employees. The new anchor tenant will open a 10-screen, dine-in, luxury cinema that features high-end finishes, an upscale menu, stylish lounge and full bar as well as oversized leather seating. The new theater is set to open in spring of 2018.
"Wheeling Town Center is a prominent retail and mixed-use development serving the northern suburbs," said Schutter. "There is very little suburban retail development occurring right now, and the Town Center with the new CMX Theatre is a great example of the type of new retail development that makes sense," said Schutter. "There isn't a theater within a few miles in any direction of the Town Center, so the lack of competition and it being a lifestyle entertainment center that is at the hub of the city of Wheeling, makes this development perfectly positioned to attract national and local brands. We have received interest from a number of potential retail tenants as well, including an upscale coffee shop, sit-down restaurants, brewpubs and a numerous service providers."
"When completed in the fall of 2018, Wheeling Town Center will not only provide an opportunity for individuals and families to live, work, and play, but will transform the area into an exciting destination for the residents of the Village and neighboring communities," said Joshua Goldstein, president of The Lynmark Group. "We are thrilled to have CMX Theaters join the Wheeling Town Center, fast becoming the trendiest new mixed-use, transit-oriented development coming to the northern suburbs of Chicago. We truly appreciated CMX's commitment to joining our development and we look forward to an enduring partnership with them."
"CMX is proud to be part of The Wheeling Town Center," said Jaime Rionda, CEO of CMX. "We are certain that our guests will enjoy our luxury features, such as oversized reclining seats, high-end finishes and décor, and our well-appointed lounge & bar area. The theatre will feature a carefully curated menu, created by our partner from Chicago, Lettuce Entertain You, to create CMX's unique cinema-going experience."
Located at Dundee Road and Northgate Parkway in Wheeling, the Town Center will offer tremendous visibility from Dundee Road and is adjacent to the Wheeling Metra Station, providing direct service to downtown Chicago. The Town Center development will serve as a walkable downtown central square and gathering space, surrounded by several park district facilities and the village hall.
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/.