Boston, MA (12/22/2016)
NGKF Capital Markets has successfully completed the sale of Dartmouth Commons in the Metropolitan Providence community of North Dartmouth, Massachusetts to Prestige Properties. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Associate Director Matthew Waisnor of the NGKF Capital Markets Boston team, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the institutional-quality power center on behalf of previous ownership.
"This sale allowed previous ownership to capitalize on an asset it constructed in 2007 while providing excellent long-term surety of cash flow for the new owner, Prestige Properties," said Millerd.
Comprising a total of 106,693 square feet, Dartmouth Commons is presently 100 percent leased to five tenants. The property is anchored by Dick's Sporting Goods, Michaels and Petco augmented by complementary national retailers Famous Footwear and TGI Friday's. Additionally, it features shared access with a 127,280-square-foot Target shadow anchor.
"Dartmouth Commons enjoys exceptionally strong co-tenancy with a rent roll highlighted by national retailers on long-term leases," said Smith. "Additionally, the power center benefits from a synergistic relationship with its investment-grade shadow anchor, Target, which generates significant daily traffic for the site."
Strategically situated along Route 6 (State Road), the dominant four-lane retail corridor in the area with an average traffic count of 23,000 vehicles per day, Dartmouth Commons benefits from strong visibility. Additionally, the property is located just moments from UMass Dartmouth, which is home to approximately 8,900 students. This prime retail location has a three-mile population count of approximately 25,500 people with an average household income of $77,700.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF'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; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF 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.