February 14, 2023 9:00 AM
Newmark[1]
announces it has completed the sale of Victory Plaza, a 136,580-square-foot, grocery-anchored retail center in North Hollywood, California. The asset sold for $57.75 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy
represented the seller, Kennedy Wilson, a global real estate investment company based in Beverly Hills. The buyer was Gerrity, a vertically integrated real estate investment and operating company based in San Diego.
“Victory Plaza is an irreplaceable piece of real estate in urban North Hollywood,” said Bethea. “Both parties teamed to navigate a loan assumption process as well as the recent twist and turns in the general market. An incredible job by all—Newmark is grateful to have been a part of the process and congratulates Kennedy Wilson and Gerrity on a transaction well done.”
Located at 13007-13047 Victory Boulevard, Victory Plaza is situated on 12.21.acres of land and is anchored by the high performing Vallarta Supermarkets. The center was 97% occupied at the time of sale to a credit, internet-resistant tenant roster averaging over 18 years of tenure. The tenant roster includes junior anchors CVS, LA Fitness, Petco and US Renal Care as well as Citibank, Blaze Pizza and Chipotle.
Victory Plaza is located near one of the busiest intersections in the dense, high-growth epicenter of the San Fernando Valley. The property is proximate to 350,000 residents within a three-mile radius and benefits from daily traffic counts of over 211,000 vehicles along the Hollywood Freeway. The center features three entry drives along the highly trafficked Victory Boulevard for easy access.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second-best third quarter on record.
[1] Dba Newmark Knight Frank in California
About Newmark
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. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. 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.
- Media>
- Press Release >
- Newmark Completes $57 Million Sale of 136,580-Squ…