Newmark Capital Markets has successfully completed the sale of Newport Grand in Newport, Rhode Island to Carpionato Group for $10.15 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Financial Analyst Samantha Torto of Newmark Capital Markets, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 23.5-acre site in conjunction with Joseph Paolino of Paolino Properties on behalf of Twin River Management Group.
Initially serving as an arena for jai alai, a popular handball game that originated in Spain, Newport Grand added slot machines in 1992 and was renovated into its present casino in 2008. The property will continue to operate as the Newport Grand Casino until the gaming facility relocates to Tiverton, Rhode Island later this year.
“Featuring an exceptional location at the gateway into Newport, Newport Grand is well positioned for redevelopment into a vibrant mixed-use destination,” said Smith. “The property represents a truly generational opportunity in a high barrier-to-entry market.”
Situated along Narragansett Bay, Newport is a picturesque coastal community and popular tourist destination. Newport Grand therefore benefits from three-, five- and 10-mile population counts of 38,700, 49,800 and 97,300 people, respectively, with corresponding average household incomes of $88,700, $97,500 and $103,600 bolstered by the city’s more than 3.5 million annual visitors.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., 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.