March 10, 2021 9:00 AM
Newmark announces the $109.4 million sale-leaseback of a 21-property gas station/convenience store portfolio located throughout O’ahu (12 properties), Kauai (2 properties), Maui (4 properties) and the island of Hawaii (3 properties). The transaction also included a new master lease agreement to leaseback the multi-generational real estate sites on a triple-net basis.
Newmark Senior Managing Director D. Andrew Ragsdale, Executive Managing Directors Ken Hedrick and Jerry Hopkins of the firm’s Net Lease Capital Markets group; and Managing Directors Kristian Nielsen and John Curtis, in cooperation with Jackson Nakasone Principal of NAI CBI Hawaii, represented the seller, Par Pacific Holdings, Inc. (Par Pacific), in the fee-simple sale to a subsidiary of Realty Income Corporation, a publicly traded real estate investment trust (Realty Income).
“Throughout the COVID-19 pandemic, we have witnessed high demand for convenience store assets with a buyer pool that continues to be robust for commercial assets with essential use concepts,” said Andrew. “In combination with the asset quality and credit tenancy, the sites are incredibly well-located and provide long-term value for new ownership.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.