Newmark Grubb Knight Frank (NGKF) announced that Elise Couston, SIOR, and Adam Marshall, SIOR, CCIM, senior managing directors in the firm's Chicago office, arranged the purchase of Bloomingdale Corporate Center, a 276,250-square-foot, 20-acre, three-building, industrial business park developed by IDI Gazeley and built by Peak Construction in Bloomingdale, Illinois.
NGKF represented the contract purchaser, Barings Real Estate Advisers, acting on behalf of an institutional client, in the acquisition and have been awarded the property management assignment of the park.
Completed in Q4 2016, Bloomingdale Corporate Center comprises 255 Madsen, 260 Madsen and 270 Madsen and is 51,600 square feet, 70,650 square feet and 154,000 square feet, respectively.
The three modern distribution facilities feature substantial loading docks, concrete truck courts, 30' clear ceilings, Ductilcrete floors, T-5 Lighting as well as ESFR sprinkler systems. NGKF's Couston and Marshall represented Barings Real Estate Advisers in the acquisition, and Brit Casey and Al Caruana of Cushman & Wakefield represented the seller, IDI.
"High-end, industrial facilities of this size in this well-located submarket are sought after," said Couston. "Bloomingdale Corporate Center is the ideal square footage and location to fill this void. NGKF's hands-on approach to property management combined with successful ownership will offer tenants an exceptional experience. Tenants will also benefit from the park's advantageous location, Bloomingdale's myriad of amenities and access to several highways."
Located near the intersection of Army Trail Road and Gary Avenue in Bloomingdale, the business park offers easy access to I-355/I-290 and the new Illinois Route 390 (Elgin O'Hare Expressway). Bloomingdale Corporate Center also provides easy access to O'Hare International Airport and College of DuPage Manufacturing Technology Program, is close to an abundance of retail and dining options and offers DuPage County real estate taxes.
Barings Real Estate Advisers is one of the world's largest diversified real estate investment managers. Part of Barings LLC, the group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.
Barings is a $271+billion*global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Learn more, at www.barings.com. *As of December 31, 2016.
Newmark Grubb Knight Frank (NGKF) 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 14,100 professionals operate from more than 400 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.
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.