Newmark is pleased to announce that it has successfully negotiated the sale of a 20-acre parcel at 106-110 Corporate Park Drive owned by Normandy Real Estate Partners (Normandy) in Harrison, New York to the Wegmans Food Markets (Wegmans) grocery store chain. Newmark Executive Vice President Michael Cottle along with the retail team of Senior Managing Directors Jessica Curtis and Peter Fine and Director Nick Marona represented the seller, Normandy; Newmark Managing Director Christopher Cortese represented Wegmans.
Wegmans, a family-owned supermarket chain based in Rochester, is expecting to begin initial site work in late spring or early summer of this year. With 95 stores along the East Coast, 46 of which operate in New York, the closing of the Harrison property deal is a major step in Wegmans’ growth in the New York metropolitan region.
“This site meets everything we look for and we’re eager to join the Harrison community,” said Wegmans’ Senior Vice President of Real Estate Ralph Uttaro. “We’ve been in business for more than 100 years, offering incredible customer service, consistent low prices, the best ingredients and easy meals.”
“We are lucky for the introduction of such a well-established and highly regarded retailer to our region,” said Cortese. “I commend Wegmans’ vision in realizing the enormous potential in this site.”
“The location perfectly aligned with Wegmans’ business goals and the owner’s vision for the property, so we are very pleased we facilitated this mutually beneficial deal for our clients with this strategically located site,” added Cottle.
“We set out on a path more than five years ago to attract alternative and more productive land uses within the I-287 corridor due to the surplus of outdated office inventory that hasn’t fit the needs of the community for a very long time,” said Matthew Lavell, Senior Vice President, Normandy Real Estate Partners. “Today, we’re excited to add to the efforts we’ve already made in the area by closing on the sale of 106-110 Corporate Park Drive to Wegmans, which will be an exceptional addition to the town of Harrison.”
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate investment management firm and operator with offices in New York City, Boston, Washington, D.C. and New Jersey with a track record spanning 20 years. The firm is a vertically-integrated investment and operating platform with a total of 120 employees with broad real estate experience in areas such as acquisitions, investment management, leasing, property management, construction/development and accounting. Our focus is primarily on acquiring office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where we own and operate one of the largest private real estate portfolios in the region totaling over 14 million square feet and a development pipeline of four million square feet. Our deep local relationships, vertically-integrated capabilities, and diversely-experienced team give us a distinct advantage, which enables us to consistently turn under-achieving real estate into exceptional high-yielding investments.
Normandy’s management platform is focused on two complementary investment strategies: i) value-add: a series of closed-end, fully-discretionary investment funds, backed by some of the world’s most prestigious institutional investors; and ii) core-plus: a series of separately-managed accounts for domestic and foreign institutional investors. Normandy currently manages approximately $1.5 billion of equity capital, representing total asset value of $3.3 billion. For more information visit www.normandyrealty.com.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.