J. & M. Realty, Inc. Sells Urban Retail Asset to Nolan Properties Group, LLC
NKF Capital Markets has successfully completed the sale of 957 Commonwealth Avenue in the vibrant Brighton neighborhood of Boston, Massachusetts to Nolan Properties Group, LLC. Executive Managing Director Geoffrey Millerd, Managing Director Justin Smith, Associate Director Paul Penman and Financial Analyst Christian Brannelly of the NKF Capital Markets Boston office, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the 15,800-square-foot asset on behalf of J. & M. Realty, Inc.
Having been privately owned and operated under the same ownership since 1983, 957 Commonwealth Avenue has consistently attracted service-oriented retailers seeking exposure along one of city’s most vibrant corridors.
“As a campus-oriented retail asset positioned in the heart of Boston’s most densely-populated communities for students and young professionals, 957 Commonwealth Avenue represented a generational opportunity,” said Smith. “Furthermore, the asset’s long-term viability is solidified by the combination of perpetual demand drivers in the area, highlighted by Boston University, the MBTA Green Line and strong local demographics.”
957 Commonwealth Avenue is strategically positioned on the edge of the Boston University campus, which offers embedded demand via its 33,100 students, 10,000 faculty/staff and tens of thousands of annual visitors. The property is also well located along Commonwealth Avenue, a major local thoroughfare and vibrant retail destination, directly across from the MBTA Green Line’s Pleasant Street stop.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF'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, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF'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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.
NKF 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.
