Newmark Capital Markets has successfully completed the sale of Falmouth Shopping Center in Falmouth, Maine to private local investors for $21 million. Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith of Newmark Capital Markets, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the Shaw’s-anchored retail asset in conjunction with Porta & Co. broker Mackenzie Simpson on behalf of JPA Management.
Conveniently located along Route 1, a prominent retail corridor, Falmouth Shopping Center is presently 89 percent leased to a diverse tenant roster anchored by Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire and Bank of America.
“Falmouth Shopping Center benefits from longstanding grocery tenancy combined with exceptional recent leasing momentum,” said Smith. “It also enjoys limited local grocery competition within an affluent Portland suburb, able to draw consumers from a wide geographic trade area.”
Just six miles north of downtown Portland, Falmouth is one of the most affluent towns in Maine. The subject property benefits from a three-mile population count of 15,700 people with an average household income of $117,800.
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.