Newmark Grubb Knight Frank completed a 77,885-square-foot, long-term lease for Fannie May within Bridge Point Northlake, a 55-acre business park located at 575 Northwest Ave. in Northlake, Illinois.
The site, owned by Bridge Development Partners, LLC, was formerly used as a Chicago-area distribution facility for Dominick’s, though it has remained vacant since the grocer moved out of the campus in late 2014.
Now, Fannie May, a chocolate and confections retailer and a subsidiary of 1-800-FLOWERS.COM, Inc. founded in Chicago in 1920, plans to move into the new space in July 2017.
In search for a more suitable space for its regional warehouse and distribution center, the company selected the Northlake facility due to its sufficient and available cold-storage space, along with its expansion capabilities and location near I-294, just six miles south of O’Hare International Airport and the epicenter to all of Fanny May’s stores.
The proximity is what makes it ideal for its distribution services, according to NGKF Senior Managing Director, Corey Chase, who worked alongside Kyle McKechnie, an associate with the firm, in representing and advising Fanny May in the transaction.
In addition to site selection analysis, Chase and McKechnie assisted in the firm’s financial analysis and negotiations.
Bridge Point Northlake is a one million-square-foot business park located in west suburban Northlake. Bridge Development Partners, LLC, in partnership with Hunt Realty Investments, acquired the site in 2014 after Safeway, Inc. closed the Dominick’s Finer Foods line in the region beginning in December 2013. The site is comprised of three buildings: a dry distribution building, a cooler facility and a freezer facility.
Bridge Development Partners, LLC recently completed $90 million in renovations, including expanding the freezer facility to 250,000 square feet and developing a new 588,284-square-foot distribution center, which Bridge Development Partners, LLC pre-sold to Prudential in February 2015. Bridge Development was represented by John Suerth and Jason Lev of CBRE.