April 1, 2021 9:00 AM
Newmark announces the $11.9 million sale of 226 Harvard Avenue, an urban mixed-use asset located in the Allston neighborhood of Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd, Executive Managing Director Frank Nelson, Managing Directors Michael Greeley and Jonathan Martin and Director Paul Penman, in cooperation with Managing Director Mathew Adler and Associate Christopher Huesgen, of the firm’s Boston and Mid-Atlantic Capital Markets Groups represented the seller, National Development, and procured the buyer, Asana Partners. Newmark Financial Analyst Coley Cannon provided financial analysis support.
Comprising 27,930 square feet of retail and medical office space, 226 Harvard Avenue is presently 94% leased to three tenants – Urban Outfitters, Steward Medical Group and Unleashed by Petco.
“226 Harvard Avenue benefits from prominent positioning along Allston’s primary retail corridor, adjacent to Brookline’s Coolidge Corner and moments from the world-renowned universities, hospitals and institutions that call Boston home,” said Paul. “Constructed in 2009 and featuring 24 on-site parking spaces, the asset represents a rare acquisition opportunity in a land-constrained market with high barriers to entry, restrictive permitting and extremely limited parking supply.”
226 Harvard Avenue is located within a two-minute walk of the MBTA Green Line’s Harvard Avenue station, one mile from the Steward-affiliated St. Elizabeth’s Medical Center and close to Boston University.
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.