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NKF Orchestrates Sale of Major Retail Components of Colony Place in Plymouth, MA

Saxon Partners Sells Two Super-Regional Shopping Center Sites to Rainier Companies

Boston, MA (02/18/2020)

10:00 AM

Newmark Knight Frank (NKF) announced today the successful completion of the sale of the two major retail components of Colony Place in Plymouth, Massachusetts on behalf of Saxon Partners to Dallas, Texas-based Rainier Companies. Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd, Senior Managing Director Justin Smith and Director Paul Penman of NKF's Boston Capital Markets group oversaw the transaction.

The retail space acquired by Rainier Companies totals 418,970 square feet in two distinct components: The Plaza, a 230,497-square-foot power center, and The Village, a 188,473-square-foot lifestyle center. Both components are presently home to category-leading retailers and offer Rainier Companies the ability to leverage the center's dominant market position to create additional value.

Saxon Partners will continue in its role of master developer of the Colony Place mixed-use campus. It is currently in the process of adding another hotel and a 320-unit apartment complex to the one million-square-foot development.

"Colony Place serves as the epicenter of retail in Plymouth and was master-planned as a cohesive mixed-use campus with wide boulevards, top-end finishes and exceptional landscaping, creating a setting unlike anything in the region," said Smith.

The property is strategically positioned along Route 44 and just off Route 3, the primary north-south highway connecting Boston and Cape Cod. It draws customers from an expanded trade area covering up to 20 miles, which is home to a residential population of 599,200 people with an average household income of $101,200.

"Located midway between Boston and Cape Cod at the junction of the region's two major highways, Colony Place has become the retail epicenter of one of the fastest-growing regions in the Greater Boston area," said Millerd. "In fact, the property consistently dominates the region's retail activity with respect to both lease renewals and new leases."

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), 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, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF'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.

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