July 20, 2023 10:00 AM
Newmark announces the sale of Brookside Center, a grocery-anchored shopping center located in Bridgeport, Connecticut. Newmark Managing Director Paul Penman of the firm’s Boston Capital Markets Group’s retail practice represented the seller and procured the buyer, DLC Management. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Director Jon Martin provided additional support on the transaction.
Totaling 170,665 square feet, Brookside Center is presently 95% leased to a diverse 13-tenant roster anchored by Stop & Shop, Marshalls, Michaels and Petco.
“On behalf of the team, I want to congratulate DLC Management on this acquisition. Both parties executed the transaction flawlessly,” said Martin. “Brookside Center is exactly the type of asset that is currently attracting the most premier commercial real estate capital given its longstanding grocery store tenancy, strong sales, investment-grade credit and first-class physical real estate.”
Brookside Center is prominently located at a signalized intersection off the Merritt Parkway, a major regional thoroughfare that spans southwestern Connecticut and connects to New York. Within just two miles of the asset are two major demand drivers that generate substantial retail traffic for the surrounding area: Trumball Mall and Sacred Heart University.
“There continues to be a deep bench of private and institutional equity looking to deploy in grocery-anchored real estate, and plenty of lenders willing to provide debt,” said Penman. “Presently, our clients are finding a very receptive capital markets environment for high-quality offerings.”
Newmark Senior Financial Analyst Casey O’Brien 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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