Newmark Capital Markets has announced the sale of Point West, a Class A portfolio comprising three buildings located at 1545 River Park Drive, 1601 Response Road, and 1610 Arden Way in Sacramento.
Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of Newmark Capital Markets represented the seller, Hines, in the transaction to the buyer, Basin Street Properties.
The three-building portfolio is located in the highly desirable Point West submarket of Sacramento, in walking distance to world-class retailers along with direct access to the Capital City freeway. Called the Point West Portfolio, the three buildings total 345,775 square feet of space. The portfolio is 78 percent occupied to a diverse tenant base including UBS, GSA, WestAmerica Bank and Covered CA.
“As downtown Sacramento’s renaissance and rent growth continues to displace rent-sensitive tenants, Point West is poised to continue receiving substantial inbound tenant migration,” said Lammersen.
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 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. 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 Group
Statements in this document regarding Newmark Group 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 Group 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 Group’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.