Bartlett spec building sold

Newmark Knight Frank said it recently arranged an industrial speculative building forward-sale at 1365-1395 Brewster Creek Boulevard in Bartlett.

Senior Managing Directors Adam Marshall and Elise Couston along with Director Mark Deady of Newmark assisted with the sale. Marshall represented the seller and developer, Ridge Development, and Couston and Deady represented the contract purchaser, Barings Real Estate, part of Barings LLC, acting on behalf of an institutional investor. Ridge Development recently completed construction of the 186,000-square-foot building located in Brewster Creek Business Park. Now ready for occupancy, NKF has also been appointed by Barings as the exclusive leasing agent and property manager for the vacant facility.

"1365-1395 Brewster Creek Boulevard is the second property that we have acquired in the Brewster Creek Business Park, following the successful lease up of our first investment. With its excellent location in the highly demanded north DuPage submarket of Chicago and state-of-the-art construction, we anticipate this property will benefit from the strong leasing environment in the near term," said Michael Zammitti, head of U.S. Real Estate Equity for Barings.

Barings Alternative Investments, part of Barings LLC, is a 400+ associate team located across 11 countries that manages $52.6 billion in client capital.

"We are thrilled to have represented Ridge Development and Barings in this transaction," Marshall said. "Ridge did a fantastic job developing this modern industrial facility and coupled with its great location and being the newest industrial building in the low-vacancy north DuPage submarket, made for an attractive opportunity for Barings. Now available for lease as a single or multi-tenant facility, 1365-1395 Brewster Creek Boulevard is an ideal location for light manufacturing, food processing, and warehouse-distribution users looking for modern, highly functional space to suit their needs."