Newmark has successfully completed the sale of Powder Mill Plaza in Acton, Massachusetts to Medipower for $16.3 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of Newmark’s Boston Capital Markets team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored shopping center on behalf of Atlantic Management.
Totaling 74,876 square feet, Powder Mill Plaza is anchored by Stop & Shop and complemented by a high-performing roster of national, service-oriented retailers. Other tenants include Rite Aid, Anytime Fitness, DCU, Papa Gino’s and Dunkin’ Donuts.
“As evidenced by its strong tenant sales and average tenure of 18 years, Powder Mill Plaza features an ideal location to serve the surrounding population,” said Smith. “Additionally, the center benefits from limited grocery competition, which enables its anchor tenant to draw from an expansive trade area.”
Powder Mill Plaza is well situated with prominent frontage along Route 62, a major local thoroughfare with an average daily traffic count of 15,500 vehicles. Positioned within one of Metropolitan Boston’s most historic and affluent trade areas, this prime retail location boasts a three-mile population count of 33,600 people with an average household income of $168,000.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.