Newmark Capital Markets announced today that it facilitated the sale of the Brandywine Crossing shopping center in Brandywine, Maryland. On behalf of the seller, Newmark Capital Markets Vice Chairman Geoffrey Millerd, Managing Director Mat Adler, Senior Financial Analyst Christian Brannelly and Financial Analyst Chris Huesgen, led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 230,925-square-foot retail asset.
Newmark Capital Markets Vice Chairmen Joe Donato and Maury Zanoff arranged financing for the buyer in the sale of the grocery-anchored community center to a joint venture between New York based Katz Properties and Dallas based Velocis.
“We received significant interest from both banks and life companies given the strong national tenant roster,” said Donato. “Rapid population increases within the trade area and experienced sponsorship have generated positive attention toward the asset.” At the time of acquisition, the 230,925-square-foot shopping center is 90 percent leased and is located in the heart of consumer-dense Brandywine, which is entering a period of rapid growth and development.
“There is an immense opportunity here given the residential pipeline in the surrounding area which will help bolster the consistently sound consumer demand,” said Adler. “With the upcoming development of the Villages at Timothy Branch, Stephens Crossing and Waldorf Station, the submarket will continue to see steady growth for years to come.”
Located at 15922 Crain Highway and anchored by Safeway, Marshall’s and JoAnn, Brandywine Crossing also benefits from customer patronage of nearby Target, CarMax and the only Costco in Southern Maryland. The three industry giants serve as significant traffic drivers supporting the consistent flow of traffic through the shopping center that already sees more than 82,500 vehicles per day due to its prime location on Route 301.
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.