NGKF Capital Markets Orchestrates $4.75 Million Transaction
NGKF Capital Markets has successfully completed the sale of CVS | Medford in Medford, Massachusetts to Linear Retail for $4.75 million. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith and Associate Directors Paul Penman and 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 freestanding single-tenant asset on behalf of Case Real Estate Capital.
Totaling 15,700 square feet, CVS | Medford is fully leased to CVS/pharmacy, which has been a fixture in the city since opening at this location in 1996. The property boasts strong frontage along High Street, one of the major corridors that combines to form Medford Square, the city’s vibrant downtown district.
“CVS | Medford represents a unique single-store asset in one of Medford’s most heavily-trafficked areas and boasts a 35-car parking lot, a rarity for such an urban infill location,” said Smith. “This store therefore represents a highly-productive location for the tenant, which has consistently performed exceedingly well.”
By virtue of its exceptional Metro Boston location, CVS | Medford enjoys strong surrounding demographics, featuring one- and three-mile population counts of approximately 30,900 and 268,600 people with coinciding average household incomes of $91,000 and $100,700. Positioned less than 1.5 miles from Tufts University, CVS | Medford also benefits from the presence of this premier academic institution, which is home to approximately 11,700 students and 3,100 staff members.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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.
