April 26, 2022 9:00 AM
Newmark announces the sale of Brass Mill Commons, a grocery-anchored power center located in Waterbury, Connecticut. Newmark Vice Chairman Geoffrey Millerd of the firm’s Boston Capital Markets Group’s retail practice represented the seller and procured the buyer. The group’s retail practice is led by Millerd and Co-Head of U.S. Capital Markets Robert Griffin, and includes Managing Directors Jon Martin and Paul Penman. Newmark Managing Director Mathew Adler provided additional support on the transaction and Financial Analyst Coley Cannon provided financial analysis support.
Totaling 204,447 square feet, Brass Mill Commons is anchored by grocer Save A Lot and national retailers including Dick’s Sporting Goods, T.J.Maxx, Michaels, Petco, Barnes & Noble, Ulta Beauty and Buffalo Wild Wings. The asset also features three restaurant pad sites that are leased to McDonald’s, TGI Fridays and Chili’s Grill & Bar.
“This transaction represents the first time Brass Mill Commons has been sold since its original development in 1997,” said Penman. “The asset is a first-class power center, the dominant center in the market and an excellent complement for the buyer’s separate acquisition of the adjacent Brass Mill Center.”
Brass Mill Commons is conveniently located off Interstate 84 and surrounded by a densely populated residential community comprising 173,400 people within a five-mile radius. Offering attractive cross-shopping synergies, the adjacent Brass Mill Center mall totals more than one million square feet and hosts more than 120 retailers.
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 in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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