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NGKF Capital Markets is pleased to announce the $33 million sale of Merritt Square Mall at 777 East Merritt Island Causeway in Merritt Island, Florida. NGKF Capital Markets Senior Managing Director Thomas Dobrowski represented the seller, LNR Partners as Special Servicer and REO Asset Manager John Mitchell, in the sale to New York-based firms Mason Asset Management and Namdar Realty Group.
This 811,277-square-foot regional shopping mall is anchored by Macy’s, Sears, Dillard’s, JCPenney and Cobb Theaters. In addition to the popular anchor stores, the in-line tenant roster includes quality national retailers such as Bath & Body Works, Kay Jewelers, Rue21, Finish Line, Victoria’s Secret and Journeys. The mall was 95.69 percent occupied at the time of the sale.
“The mall attracted a wide array of interested parties, including high-net worth local and regional buyers coupled with nationally focused institutional buyers, which ultimately created a competitive bid environment and successful outcome for all parties involved,” said Thomas Dobrowski. “The mall is well-positioned to capitalize on an improving economic environment within the greater Orlando MSA.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.