Newmark Grubb Knight Frank (NGKF) is pleased to announce that is has successfully completed a 77,885-square-foot, long-term lease on behalf of Fannie May within Bridge Point Northlake, a 55-acre business park in Northlake, Illinois. Owned by Bridge Development Partners, LLC, the site was formerly used as a Chicago-area distribution facility for Dominick’s and has been vacant for several years.
Fannie May is a premier chocolate and confections retailer with locations throughout the United States. Founded in 1920 in Chicago, the firm operates as a subsidiary of 1-800-FLOWERS.COM, Inc. (NASDAQ: FLWS). Fannie May selected NGKF to assist with finding the firm a more suitable space for its regional warehouse/distribution center. NGKF’s Senior Managing Director Corey B. Chase and Associate Kyle A. McKechnie represented and advised Fannie May in the transaction. In addition to site selection analysis, Chase and McKechnie assisted in the firm’s financial analysis and negotiations, ultimately securing the 77,885-square-foot, long-term lease for Fannie May within Bridge Point Northlake, located at 575 Northwest Avenue in Northlake.
“We conducted a wide geographic search for Fannie May’s new Chicago-area distribution facility,” said Chase. “Ultimately, this facility in Northlake was selected due the sufficient amount of cold-storage space available, the expansion capabilities as well as the location, which is the epicenter to all of Fannie May’s stores, making it ideal for distribution. The building has been vacant since Safeway/Dominick’s vacated the campus in late 2014, so this is a great addition for the city of Northlake as well as the overall landscape of the O’Hare industrial marketplace.”
Bridge Point Northlake is a one million-square-foot business park located in west suburban Northlake. Bridge Development Partners, LLC, in partnership with Hunt Realty Investments, acquired the site in 2014 after Safeway, Inc. closed the Dominick’s Finer Foods line in the region beginning in December 2013. The site is comprised of three buildings: a dry distribution building, a cooler facility and a freezer facility. Bridge Development Partners, LLC recently completed $90 million in renovations, including expanding the freezer facility to 250,000 square feet and developing a new 588,284-square-foot distribution center, which Bridge Development Partners, LLC pre-sold to Prudential in February 2015. Bridge Development was represented by John Suerth and Jason Lev of CBRE.
Located in the center of the Chicago market, the new space for Fannie May is six miles South of O’Hare International Airport, offers easy access to major expressways and faces I-294, which Fannie May will have signage on. The firm will take occupancy of the new space July 2017.
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 http://www.bgcpartners.com/.