Newmark has successfully completed the sale of 351-359 Fresh Pond Parkway in Cambridge, Massachusetts to an affiliate of The Grossman Companies for $10.75 million. On behalf of a joint venture between Spellman Ventures and Sydney Associates, Vice Chairman Geoffrey Millerd, Managing Director Justin Smith, Director Paul Penman and Financial Analyst Samantha
Torto of Newmark’s Boston Capital Markets team, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 12,128-square-foot retail strip center.
351-359 Fresh Pond Parkway is 100 percent leased to a synergistic mix of five service-oriented retailers - Bank of America, AT&T, Sherwin Williams, Sleep Number and The Vitamin Shoppe.
“Constructed in 2013 and never before brought to market, 351-359 Fresh Pond Parkway represents one of the most modern retail assets in Cambridge,” said Penman. “The property benefits from its highly visible location within a densely populated, affluent, urban neighborhood.”
351-359 Fresh Pond Parkway is strategically situated between Alewife and Harvard Square. The asset is well positioned along Fresh Pond Parkway, a major artery that connects these two thriving Cambridge hubs, which boasts an average daily traffic count of 41,500 vehicles.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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