May 22, 2023 9:00 AM
Newmark announces the $45.25 million sale of Lincoln Plaza, a grocery-anchored shopping center located 15 miles southeast of Boston in Hingham, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Directors Jon Martin and Paul Penman of the firm’s Boston Capital Markets Group represented the seller, AEW, and procured the buyer, a subsidiary of Jumbo Capital Inc. Newmark Managing Director Mathew Adler provided additional support on the transaction.
Totaling 127,505 square feet and presently 99% leased to 12 tenants, Lincoln Plaza is anchored by a 68,087-square-foot Stop & Shop and a 31,882-square-foot Marshalls.
“On behalf of the team, I want to congratulate our client, AEW, for its excellent execution,” said Martin. “We were delighted to continue our longstanding relationship with AEW on the Lincoln Plaza disposition and look forward to working together again soon.”
Lincoln Plaza is accessible via two signalized intersections along Route 3A, the surrounding area’s dominant retail corridor. The asset is located across from the Hingham Shipyard, a synergistic mixed-use complex that hosts shopping, dining, entertainment and residential components as well as the MBTA commuter ferry.
“Lincoln Plaza is exactly the type of asset that is currently attracting the most premiere commercial real estate capital,” said Penman. “High-quality retail properties continue to be very liquid, even as other asset classes have perhaps seen a slowdown in demand. A combination of longstanding grocery store tenancy, investment-grade credit, first-class real estate and dense, affluent local demographics remains highly sought after.”
Newmark Senior Financial Analyst Casey O’Brien and Financial Analyst Connor Scott provided financial analysis support for the transaction.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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