November 17, 2020, 11:00AM
Newmark announces the sale-leaseback and build-to-suit expansion of a free-standing manufacturing and distribution facility located at 201 Glocheski Drive in Manistee, Michigan. Situated on approximately 9 acres along Lake Michigan, the well-maintained, state-of-the-art property has a net rentable area of 52,939 square feet.
Newmark Vice Chairman Andrew Sandquist, Managing Director JC Asensio, and Associate Director Briggs Goldberg, in cooperation with Managing Director Fred Liesveld, represented the owner and tenant–Amptech Inc.–in the transaction to buyer, Agracel. Newmark Financial Analyst Tyrell McGee provided crucial financial data analysis to assist on the transaction.
“Given their extensive background in industrial development, we knew Agracel was the ideal partner for this transaction,” said Goldberg. “They understood our objectives and we were able to structure a transaction that maximized value and operational flexibility for our client.”
Amptech, which occupies 100 percent of the property, executed a long-term lease with annual rental escalations. Agracel will assist Amptech in a potential build-to-suit expansion of the existing facility to support future growth objectives. Amptech specializes in the design, manufacturing, and distribution of highly engineered automotive lighting assemblies and components and industrial valves throughout the world.
The COVID-19 pandemic has accelerated investor allocation trends, particularly increasing investment in the industrial sector. According to Newmark Research, in the third quarter of 2020, investment in industrial product type increased by over 24 percent quarter-over-quarter as funds continue to seek growth opportunities. Across all property types, industrial finished the third quarter with the highest rent collection at 94.4 percent since the onset of COVID-19, further reinforcing the positive momentum in the sector.
About Amptech, Inc.
Amptech, Inc. is a globally integrated company that specializes in the design, manufacturing, and distribution of highly engineered automotive lighting assemblies and components and industrial valves throughout the world.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements About Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.