Newmark represented Scannell Properties in its acquisition of 176 acres for a new industrial and retail development at Irene Road and U.S. Route 20 in Belvidere, Illinois. The first project in this new development is a recently announced 1.3 million-square-foot build-to-suit warehouse and distribution center for an undisclosed Fortune 500 client on approximately 116 acres. There is a 46-acre site remaining to accommodate a manufacturing or distribution build-to-suit up to 585,000 square feet. As part of the new development, Scannell Properties will reconfigure the existing Irene Road to provide two additional commercial out lots, totaling approximately 14 acres, with great visibility on the northeast and northwest corners of the new Irene Road intersection at US Route 20.
Newmark Senior Managing Director Adam Marshall, SIOR, CCIM represented Scannell Properties in the land acquisition. Marshall and Senior Managing Director James Schutter represent Scannell Properties on the remaining sites.
In addition to local incentives for the build-to-suit currently under construction, IDOT awarded multiple grants to Belvidere to assist with realigning Irene Road north of US Highway 20.
