Newmark Grubb Knight Frank will exclusively lease a 99,000-square-foot speculative industrial space in Franklin Park, Illinois.
NGKF was hired by the owner to market and pre-lease the property at 9300 King Avenue. The project is a joint venture between Clarius Partners and Wanxiang America Real Estate Group. The existing building will be demolished to construct a new facility that will be completed at the end of this year.
The manufacturing and distribution facility will feature 32-foot clear ceilings, 10 exterior docks, 4 drive-in doors, and reduced Cook County Class 6B real estate taxes. The building is planning to be LEED certified and have 2,000-amp electrical service, an ESFR sprinkler system and office space.
“With a Q4 2016 vacancy rate of 5.2 percent in this submarket, there are limited options available right now for companies seeking new, modern, Class A distribution space of this size in the area,” said Thomas Gath, NGKF's managing director.