Newmark Capital Markets has announced the sale of Parkway Center, a two-story, 71,742-square-foot office building located at 3340 Walnut Avenue in Fremont.
Newmark Capital Markets Vice Chairman Steve Golubchik and Director Tim Walling represented the seller, Bayside Realty, in the transaction as well as the buyer, The Stanley Group Inc. of Los Gatos.
Parkway Center is a 100 percent occupied multi-tenant office building, with tenants that include Lipman Insurance Administrators, Coldwell Banker, Chicago Title, and The Center of Speech. The property is ideally located in close proximity to the Fremont BART Station and is surrounded by numerous retail amenities. Parkway Center also provides for potential redevelopment to multifamily.
“Parkway Center offered a great opportunity for an investor to increase NOI by bringing the current tenants to market rents to take advantage of dwindling office supply. Given that Parkway Center is part of a multi-family zoning overlay, it is a prime candidate to be redeveloped in the coming years,” said Walling.
President of The Stanley Group, Russel Stanley stated, “We are excited to add such a strong performing property to our portfolio. Parkway Center’s location is second to none. Its close proximity to Fremont’s new city hall and civic areas along with walking distance to BART make Parkway an ideal asset for us to own and manage.”
The Stanley Group, Inc. has more than 30 years of experience specializing in the investment, development and management of commercial real estate.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.