Newmark Capital Markets has successfully completed the sale of 240 Elm Street in Somerville, Massachusetts for $39 million. Newmark Capital Markets Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Christian Brannelly of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the retail/office asset.
Totaling 46,276 square feet, 240 Elm Street is presently 100 percent leased to a first-class tenant roster anchored by bfresh, an urban grocery concept by Stop & Shop parent company Ahold, and Spaces, a modern office sharing concept by global flexible workspace provider Regus.
“240 Elm Street benefits from approximately $7 million in recent capital improvements that have transformed the former social security building into a premier mixed-use asset,” said Penman. “The property also enjoys a dominant position in the heart of Davis Square, a vibrant commercial center in Somerville.”
Strategically situated at the intersection of Elm Street, Davis Square’s primary retail corridor, and Chester Street, 240 Elm Street benefits from high visibility within a heavily traveled shopping, dining and entertainment destination. The asset’s strong pedestrian traffic is further solidified by its proximity to the MBTA Red Line’s Davis station, which serves approximately 12,900 commuters each weekday.
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.
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.