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Newmark announces the sale of a prominent 25,000-square-foot retail asset located at 1275 South Germantown Road in Germantown, TN. Fully leased to Office Depot, Inc. the retail asset, situated on a 3.86-acre lot and located at the intersection of Wolf River Boulevard and Germantown Road, was sold by Florida-based Blue Chip Investments, LLC to investor Wolf River, LLC for $3,650,000, or $146.00 per square foot. Newmark’s Senior Managing Director Jim Rainer, Director James Rainer and Associate Director Will Klinke represented Blue Chip Investments on the sale transaction.
“1275 South Germantown Road is a highly desirable retail asset, currently leased to Office Depot, which increased company profits by 25% in the first half of 2017 under its new CEO Gerry Smith,” explained Jim Rainer. “Additionally, the asset is located in a vibrant retail and medical corridor that offers multiple value-add opportunities to investors, either with escalating retail rents or with a potential medical-office play.”
Germantown Road will be undergoing widening in 2019, which is expected to increase already strong traffic counts of approximately 75,000 cars per day at the Germantown Road and Wolf River Boulevard intersection. An abundant parking ratio of 7.92 spaces per 1,000 square feet and flexible C-2 zoning allowing for multiple uses including retail, medical, restaurants, office, assisted living facility, and hospitality, underscoring the appeal of asset.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. 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. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our 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. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, 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
Statements in this document regarding Newmark 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 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’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.