February 16, 2023 2:30 PM
Newmark announces the sale of 330-340 River Street, a 54,226-square-foot retail asset comprising a two-story Whole Foods Market and an adjacent Walgreens in Cambridge, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd and Managing Directors Jon Martin and Paul Penman of the firm’s Boston Capital Markets group provided capital markets advisory services for Acadia Realty Trust, which sold the asset to Benderson Development for $26.4 million.
“We want to congratulate our client, Acadia Realty Trust, on excellent execution in the current capital markets environment,” said Millerd. “We were delighted to continue our long relationship with them on this disposition and look forward to working together again soon.”
330-340 River Street’s two-story, 40,800-square-foot Whole Foods Market was custom-built for the grocer in 2001. The adjacent Walgreens occupies a single-story, 13,426-square-foot suite.
“This is exactly the type of asset currently attracting the most aggressive commercial real estate capital,” said Martin. “The property’s combination of longstanding grocery store tenancy, investment-grade credit, first-class real estate, dense, affluent demographics and future upside potential continues to be highly sought after.”
330-340 River Street is situated within Cambridgeport neighborhood and between two of the world’s most prestigious institutes of higher education—Harvard University and Massachusetts Institute of Technology.
“High-quality retail assets continue to be very liquid, even as other asset classes have perhaps seen a slowdown in demand,” said Penman. “Our team is fortunate to be trusted by some of the highest-quality landlords in the Northeast to provide capital markets advisory services. We expect to see more of these bespoke deal executions in 2023.”
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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Newmark Provides Capital Markets Advisory Services for $26.4 Million Sale of 330-340 River Street in Cambridge, Massachusetts
Acadia Realty Trust sells 54,226-square-foot retail asset comprising a two-story Whole Foods Market and an adjacent Walgreens to Benderson Development