Industrial N Illinois

NKF negotiates 272k SF lease renewal in Chicago's northwest suburbs

NKF negotiates 272k SF lease renewal in Chicago's northwest suburbs,ph1

Newmark Knight Frank (NKF) has successfully negotiated a long-term lease expansion and renewal totaling 271,200 square feet at 1331-1337 Schiferl Road, Bartlett, Illinois. The speculative industrial building, located within Brewster Creek Business Park, is now 100 percent leased.

Senior managing directors Adam Marshall, SIOR, CCIM and Elise Couston, SIOR, along with director Mark Deady, CCIM, in the company’s Chicago office, recently completed the transaction on behalf of Barings Real Estate, for an institutional investor.

“We are extremely pleased that the existing tenant has expanded its footprint and entered into a long-term lease at 1331-1337 Schiferl Road,” said Michael Zammitti, Head of U.S real estate equity at Barings. “The NKF team has done an excellent job overseeing the property lease up and management and we look forward to our continued relationship as we add our second investment in the Brewster Creek Business Park.”

The building features 32-foot clear ceilings, 36 exterior docks and four drive-in doors. The property is located within Brewster Creek, a premier 670-acre, mixed-use business park in DuPage County. NKF previously represented the developer, Ridge Development, in the original lease and sale of the property to Barings, when the building was completed in 2016. The tenant is now renewing and expanding its lease to occupy the remaining 87,051 square feet of vacancy within the building. NKF also manages the property and will provide project management oversight on behalf of the landlord for the construction of the expansion space.