Newmark is pleased to announce that Senior Managing Directors Michael Prost and Sergio Chapa, SIOR, in cooperation with Senior Managing Director Corey Chase, recently completed the 350,274-square-foot building sale of 7601 Durand Avenue in Sturtevant, Wisconsin on behalf of the seller, Venture One Real Estate. The property sold to an undisclosed buyer for an undisclosed amount.
“We are thrilled to have represented Venture One in the sale of this prominent warehouse in Racine County,” said Prost. “Venture One did an excellent job modernizing the facility and coupled with the great location and flexibility of the asset made for a very attractive opportunity for the buyer.”
Newmark represented Venture One in January 2018 when the firm acquired 7601 Durand Avenue. After the acquisition, Venture One immediately started a major renovation program to the property, which included a brand new roof, tearing out the second floor mezzanine and adding new offices, installing a new parking lot as well as updating a new front façade, repairing the docks and replacing new lighting throughout the warehouse.
Located 35 minutes south of Milwaukee, Wisconsin, and 55 minutes north of Chicago O’Hare International Airport, 7601 Durand Avenue offers easy access to I-94, both major markets and is less than two miles from Foxconn Technology Group’s massive new development. The property features 24,000 square feet of open office space, 24’ ceiling height, 30 dock doors, one drive in door as well as trailer storage.
Newmark (“Newmark”), 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, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’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.
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