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Newmark Grubb Knight Frank (NGKF) is pleased to announce that Adam Marshall, CCIM, recently completed a 50,000-square-foot lease at 1240 Garnet Drive in Northlake, Illinois on behalf of property owner, Midwest Industrial Funds. This recent transaction brings the industrial building’s occupancy to 100%.
The property is a 101,000-square-foot multi-tenant, distribution and light industrial facility. Midwest Industrial Funds purchased the building in 2014 and renovated the facility with new offices, energy efficient lighting, fire sprinkler upgrades, as well as upgrades to the roof, exterior, loading area and parking lot. The property is located minutes from O’Hare airport and offers access to multiple expressways and direct frontage on I-294. Built in the early 1980’s, the building features 24’ clear ceilings, nine docks and ample parking.
The property was vacant at closing and is now fully occupied by two tenants. General Insulation leases the north portion of the property and was previously a tenant in Midwest Industrial’s portfolio. The most recent lease for the remaining half was signed to Mygrant Glass Company, a privately owned auto glass wholesaler with over 60 locations nationwide. Marshall and co-broker, Jeff Fischer, executive vice president of NAI Hiffman, represented Midwest Industrial Funds in the lease negotiations and building acquisition.
“Bringing this building from vacant to full occupancy in less than a year is a testament to the advantages of having a nimble, well capitalized and entrepreneurial ownership group working alongside an experienced brokerage team,” NGKF’s Marshall said. “Midwest Industrial Funds saw the potential in the building and made significant renovations to enhance the property. Jeff and I were able to use our position in the market to quickly lease the entire building long term to quality tenants.”
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 12,000 professionals operate from more than 330 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/.