Newmark has completed a 75,000-square-foot build-to-suit transaction in Milpitas with leading specialty retailer in the hard surface flooring market Floor & Décor. The build-to-suit is located in a new retail center named Sprig Center located at 1585 N. McCarthy Blvd., just south of Dixon Landing Road and west of Interstate 880.
Newmark Senior Managing Directors Sean O’Carroll and Jack Lewis along with Jon Schultz of CBRE represented Floor & Décor on its 15-year, transaction with the landlord McCarthy Ranch Limited Partnership.
Construction started on the new facility with estimated completion in the fourth quarter 2019. Sprig Center is a new center being developed by McCarthy Ranch Limited Partnership that will also feature a Chevron Station with a car wash convenience store and Extra Space Storage facility.
“Floor & Décor chose the location due to its great freeway visibility and easy access to Hwy 880, Hwy 680 and Hwy 237. It provides the retailer with great connectivity to the entire South Bay. The location is just across Dixon Landing Road from one of the strongest Living Spaces stores in the chain where they draw a similar home improvement shopper,” said O’Carroll. According to Newmark, Hwy 880 average daily traffic is 161,000 cars a day.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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