Newmark Knight Frank (NKF) is pleased to announce that Executive Managing Director Geoff Hill and Senior Managing Director Patrick Shannon recently completed the sale of 2600-2710 Bellingham Drive in Troy, Michigan on behalf of the property owner, Iron Point Troy Industrial, LLC. The transaction was valued at $10 million.
2600-2710 Bellingham Drive is a two-building, single-story, 93,000-square-foot office / flex property. Located within the 52-acre Automation Alley Technology Park, the property was constructed by Liberty Property Trust in 2000. The building has seen extensive upgrades over the last five years and is a high-quality asset. Situated just off Big Beaver and John R. Roads, 2600-2710 Bellingham Drive offers easy access to I-75.
“Through our marketing efforts, Geoff and I were able to attract both national and local investors, resulting in several offers and a competitive bidding process,” stated Shannon.
The property was sold fully-leased with long-term / credit tenants to Bostick Properties, who was looking to expand its real estate holdings in Oakland County.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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. Except as required by law, Newmark Group 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 Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.