September 12, 2022 10:15 AM
Newmark announces the recapitalization of Newton Nexus, a 143,201-square-foot mixed-use shopping center in Newton, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd and Managing Directors Jonathan Martin and Paul Penman of the firm’s Boston Capital Markets Group represented the majority interest seller, Crosspoint, in the transaction.
Newton Nexus is presently 100% leased to a diverse 13-tenant roster that is anchored by Stop & Shop and two TJX concepts: T.J.Maxx and Sierra Trading Post. Completely redeveloped in 2017, the property comprises three multi-tenant buildings, two of which are occupied exclusively by retail tenants and one of which is occupied by a mix of office and retail tenants.
“Newton Nexus benefits from strong traffic-generating anchor tenancy combined with a strategic location along a key retail corridor inside Route 128/Interstate 95,” said Millerd. “These factors position it well to serve densely-populated Newton, one of New England’s most affluent and desirable trade areas.”
Newton Nexus has prominent signage and visibility along Needham Street, which is one of the most prolific retail corridors in the surrounding area. It is surrounded by some of the wealthiest communities in the region—within a three-mile radius of the property, more than 101,000 residents boast an average household income of $225,500, according to Newmark Research.
About Long Wharf Capital LLC
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested over $1.1 billion of equity in more than 65 investments across the U.S. with an aggregated gross cost of $3.8 billion. For further information, visit: www.longwharf.com.
Crosspoint is a real estate investment, management, and development company with over three decades of successful industry experience. Crosspoint currently owns and manages 3.5 million square feet of real property investments primarily in the greater New England area and select markets across the east coast offering individuals, family offices, and institutional partners direct access to the best real estate opportunities. For further information, visit: www.crosspt.com.
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 nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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