Newmark Knight Frank (NKF) recently completed three new leases totaling 118,000 square feet on behalf of Barings Real Estate Advisers in support of an institutional investor. Senior managing directors Elise Couston, SIOR and Adam Marshall, SIOR, CCIM, along with director Mark Deady, CCIM, all of NKF’s Chicago office, were involved in the deal.
The first two transactions were completed at 260 Madsen Drive in Bloomingdale, IL. Couston, Marshall and Deady arranged a new, 50,000-square-foot lease to Reliable Automatic Sprinkler at the property, which is part of Bloomingdale Corporate Center. Sam Durkin of JLL represented Reliable Automatic Sprinkler in the lease negotiations. In a separate transaction at this location, Dominic Carbonari of JLL represented Service Spring’s leasing of 20,000 square feet to serve as the company’s new Midwest operations.
The newly-constructed distribution facilities at 255, 260 and 270 Madsen Drive comprising the Bloomingdale Corporate Center total 276,250 square feet on 20 acres. The business park features substantial loading docks, concrete truck courts, 30-foot clear ceilings, Ductilcrete floors, T-5 Lighting as well as ESFR sprinkler systems. They can be finished “to suit” all users. Located near the intersection of Army Trail Road and Gary Avenue in Bloomingdale, this prime location offers easy access to I-355/I-290, the new Illinois Route 390 (Elgin O’Hare Expressway), O’Hare International airport, the College of DuPage Manufacturing Technology Program and an abundance of retail and dining options.
Additionally, Marshall, Couston and Deady represented ownership on a 48,000-square-foot lease to Brolite Products, Inc. at 1331-1337 Schiferl Road in Bartlett, Illinois. Ken Franzese and Joe Feeney of Lee & Associates represented Brolite, a manufacturer of high quality baking ingredients, in their relocation from Streamwood, IL. This transaction marks 198,000 square feet of leases NKF has completed in the last 12 months at the property. Marshall, Couston and Deady will continue to market the remaining 87,000 square feet available.
Completed in September 2016, 1331-1337 Schiferl Road features 32-foot clear ceilings, 36 exterior docks, four drive-in doors and DuPage County property taxes. The property is located within the 670-acre, mixed-use Brewster Creek 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.
“We are thrilled to welcome all three tenants to Bloomingdale Corporate Center and Brewster Creek Industrial and look forward to a long term relationship with each tenant,” said Pam Boneham, regional director for the Central U.S. at Barings Real Estate Advisers.
Barings Real Estate Advisers is part of Barings LLC, one of the world’s largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.