NGKF Capital Markets has successfully completed the sale of Brookside Shops in the Metropolitan Boston suburb of Acton, Massachusetts to Clarion Partners for $33.5 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christopher Peterson of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored lifestyle center on behalf of TH Real Estate (a division of TIAA Global Asset Management).
“We purchased the property in 2006 and have maintained very strong occupancy with the goal of providing stable and consistent cash flow with an excellent return profile. The best-in-class tenancy and compelling location added downside protection,” said Todd Rollins, senior director of TH Real Estate.
Totaling 75,781 square feet, Brookside Shops is presently 100 percent leased to a high-performing national tenant roster. The property is anchored by major national grocer Trader Joe’s and complemented by a synergistic mix of luxury lifestyle tenants.
“The presence of Trader Joe’s, which generates consistent daily traffic and draws shoppers from a wide distance, and significant concentration of premier lifestyle retailers in an area that has a notable lack of fashion-based shopping options combines to create a truly vibrant asset,” said NGKF’s Millerd.
With a “High Street” tenant roster that is only replicated by traditional mall formats, Brookside Shops offers an unmatched shopping experience in an underserved trade area.
“Since opening in 2002, Brookside Shops has proven to be one of the most prolific shopping destinations in the submarket,” said NGKF’s Smith. “A clear testament to the asset’s strength is the permanence of its retailers, with 90 percent of the property’s total square footage being occupied by tenants that have been at the center since its original construction.”
This prime retail location, which services one of the most affluent trade areas in Metropolitan Boston, boasts a three-mile population count of 28,400 people with an average household income of $172,900.
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 www.bgcpartners.com.