Newmark Completes Sale of Urban Retail Center in Walnut Creek, California

August 21, 2023 9:00 AM

Newmark[1] announces it has completed the sale of Midtown Plaza, a 24,867-square-foot urban retail center in the heart of Walnut Creek, California. The asset sold for an undisclosed amount.

Newmark Vice Chairman Nicholas Bicardo, Senior Managing Director Rick Steffens and Associate Director Cheyne Bloch represented the undisclosed seller. The buyer was an undisclosed institutional client advised by L&B Realty Advisors.

Midtown Plaza, located in the heart of downtown Walnut Creek at 1410-1444 North California Boulevard and 1620-1630 Cypress Street, spans half a block and includes a surface level parking lot. Anchored by Galpao Gaucho Brazilian Steakhouse and Premier Bath & Kitchen, the property is 100% leased to a dynamic mix of food, home improvement and service retail tenants.

“Midtown Plaza represents a rare assemblage of core retail in a thriving urban market,” said Bicardo. “Despite the complexities of the current capital markets landscape, we garnered strong interest for this asset and consistently see a multitude of investors stepping up for premium retail assets along the West Coast.”

Due to its centralized location in Contra Costa County and accessibility to major freeways and BART, Walnut Creek serves as a hub for commuters both to and from the East Bay. The city’s desirable neighborhoods and top performing schools attract a highly educated and affluent population.

[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. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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