Newmark Knight Frank (NKF) executive managing director Geoffrey Kasselman, SIOR, LEED AP, based in the company’s Chicago office, recently completed several industrial transactions the U.S., including several in the Midwest. Totaling in excess of $37 million in aggregate value, the deals spanned over 615,000 square feet for several NKF clients.
Most notably, Kasselman successfully represented the nation’s oldest wholesaler and leading manufacturer of hydroponics equipment and high-intensity grow lights, Hydrofarm, in two transactions valued in excess of $16 million. In addition to an 86,788-square-foot lease in Denver, Kasselman arrange a long-term, 126,194-square-foot warehouse lease at 30104 Research Drive in Lyon Township, MI for the company, partnering with Geoff Hill, SIOR, executive managing director in NKF’s Detroit office. The property, on 10.7 acres with 28-foot ceilings and expressway visibility, was originally a build-to-suit in 1999 for Keebler Cookie Company. The landlord was represented by Jon Savoy, SIOR, of Lee & Associates’ Michigan office.
“This location just off of I-96 is ideal for Hydrofarm, which will allow them to service a wide area of the Midwest, and it fits well into the firm’s existing distribution network,” Kasselman said.
He cooperated on another Detroit-area transaction—the sale of 50625 Richard W. Boulevard in Chesterfield, MI—in concert with NFK senior managing directors Robert Pagano, SIOR, and Jack Coury, SIOR, of the firm’s Southfield, MI office. Kasselman, Pagano and Coury represented the seller, a bankruptcy court-appointed receiver, in its disposition of the asset. The 145,063-square-foot manufacturing facility was sold to a private local investor with plans to renovate the property and secure a long-term lease. In a second transaction involving the same property, the NKF team of Kasselman, Pagano and Coury also represented Anchor Bay Manufacturing Corporation in leasing 50625 Richard W. Boulevard from the new owners.
Kasselman also successfully arranged the capital markets sale of 800 S. Rohlwing Road (Cross Pointe Green at Cross Pointe Corporate Center) in Addison, IL on behalf of the seller, IDI Gazeley and JP Morgan Chase. The 42,341-square-foot flex showroom was sold to ForeFront Properties along with an approximately one-acre vacant land out-parcel, located contiguous to Cross Pointe Green and Sidney Avenue.
“Cross Pointe Green offered the purchaser an affordable, stabilized, multi-tenant property with upside potential in a terrific location—a rarity these days that is harder and harder to find,” said Kasselman. “Our client successfully converted the property from single-user retail to multi-tenant flex, and together with our aggressive marketing efforts, we were able to achieve the seller’s disposition goals with the first buyer to come along.”
In another completed transaction, Kasselman and NKF senior managing director Tamara Haney teamed up to complete a long-term lease renewal on behalf of a Fortune 100 corporate client for 40,912 square feet on approximately 4.25 acres at 7145 Santa Fe Drive in Hodgkins, IL. Jupiter Realty Services represented the landlord, CenterPoint Properties, in the lease negotiations.
“The U.S. industrial market is strong and continues to outperform other sectors,” said Kasselman. “By using our robust resources within NKF, along with our ability to leverage our market knowledge to create unique value, we were able to assist our clients in navigating several tight markets and achieve strategic solutions that best fit each of their specific needs.”