Newmark Knight Frank (NKF) is pleased to announce the sale of 50 Barnes Park Road and 15 Sterling Drive in Wallingford, Connecticut. The NKF team also represented the seller in the closing of Northside Square located at 1100-1112 Aberdeen Road in Laurinburg, North Carolina. The three sales transactions were conducted via RealINSIGHT Marketplace, a live bid, multi-day sales platform. The NKF team was led by Capital Markets Executive Managing Directors, Steven M. Schultz and John Howley. They were assisted by Managing Director Tony Georgiev and Director John Daniels.
Value Creation in Growing Local Economies
50 Barnes is currently leased and features over 600 parking spaces. 15 Sterling features heavy power, 18’-22’ ceilings, six loading docks and one drive-in. Combined, the properties total to over 220,000 rentable square feet. The properties are near I-91 which provides easy access to downtown New Haven and New York City. The accessibility of the addresses makes them prime destinations for regional and local businesses. The properties are in a largely industrial community with proximity to dense retail areas. Recently, Amazon opened its second distribution center in Wallingford which created hundreds of jobs and has significantly boosted the local economy. Both 50 Barnes and 15 Sterling were purchased by Sapphire Holdings.
The Northside Square property is classified as a retail operation and delivers 43,320 square feet and was purchased by Kohanian Holdings. The property is located north of downtown Laurinburg, a community just off I-75 at the South Carolina border. [The national grocery tenant] recently renewed its lease for another five years demonstrating the strength of the location. Limited grocery competition will ensure the continued viability of this center. This purchase presents the buyer with access to consistent traffic and cash flow.
“Located in areas near major interstates, with committed tenants and strong traffic counts, all three properties are great long-term investments for the buyers, who should see continued success with current and future tenants,” said Schultz. “These properties are all positioned to generate consistent cash flow. I am confident that the buyers will see strong returns on these strategic value-add investments,” added Howley.
About RealINSIGHT Marketplace
RealINSIGHT Marketplace provides local, national, and international investors the opportunity to review and bid on commercial real estate assets throughout the country. The sales platform is managed by a dedicated team of commercial real estate experts, with over $6B in online real estate sales, resulting in a secure, transparent, and efficient way of transacting real estate. RealINSIGHT Marketplace has completed over 140 transactions valued at $1.1B since its inception in early 2017. For further information, visit www.ri-marketplace.com.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc (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 16,000 professionals operate from approximately 430 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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
