Location, Quality and Momentum of Project will Power NGKF to Complete Leasing Objectives
CHICAGO, IL Newmark Grubb Knight Frank (NGKF) announces that the firm has pre-leased half of Ridge Brewster Creek, a 271,200-square-foot, 14-acre, speculative industrial development within Brewster Creek Business Park in Bartlett, Illinois, on behalf of the developer, Ridge Development. The completed 135,600-square-foot lease was signed to an automotive part distributor at Ridge Brewster Creek. Senior Managing Director Adam Marshall, Executive Managing Director Brian Carroll and Director Mark Deady represented Ridge Development in the transaction.
"We are very pleased to have pre-leased half of Ridge Brewster Creek," said Marshall. "There are minimal options right now for new, modern industrial facilities in DuPage County, as evidenced by NGKF's first-quarter 2016 industrial research, which shows the vacancy in DuPage to have declined to 5.7 percent. Due to the strong activity we have had while construction at Ridge Brewster Creek is underway, we are confident that the property will achieve 100 percent occupancy in short order."
Currently under construction and set for completion in September 2016, Ridge Brewster Creek will feature 32-foot clear ceilings, 36 exterior docks, four drive-in doors and DuPage County property taxes. Once complete, the remaining 135,600 square feet will be divisible and provide 1,900 amp electrical service, T-5 warehouse lighting, an ESFR sprinkler system and office space to-suit. The development is located within Brewster Creek, a premier 670-acre, mixed-use business park. Tenants enjoy many local amenities in Bartlett including restaurants, day care facilities, gas stations, banks, a Metra station, forest preserves and golf courses. Elgin Community College is also located nearby, which provides workforce recruitment and custom training services with grant support from the Department of Commerce and Economic Opportunity (DCEO).
The 135,600-square-foot lease was signed to an automotive brake rotor and drum distributor that will be relocating from its current location in Hanover Park. The firm will take occupancy of its new space at Ridge Brewster Creek in October 2016. Marshall, Carroll and Deady represented Ridge Development in the lease negotiations and will market the remaining 135,600 square feet available. Mike Sedjo, Senior Vice President of CBRE, represented the new tenant in the transaction.