NEWMARK GROUP, INC.

(NMRK)
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Newmark : Knight Frank Retail Investment Team Continues to Increase Phoenix Market Share with Sale of $9 Million Retail Center – Shoppes at Legacy House

07/22/2020 | 12:40pm EDT

12:45 PM

Newmark Knight Frank (NKF) announces the $9 million sale of the Shoppes at Legacy House at 5609 E McKellips Road in Mesa, Arizona. NKF Senior Managing Directors Jesse Goldsmith and Steve Julius and Associate Chase Dorsett represented both the seller, an affiliate of YAM Properties, LLC, and the buyer, Sperry Equities, LLC in the sale of the 54,160-square-foot retail center. The transaction includes a free standing NNN Auto Zone Pad as well as a Verizon cell tower.

'This was an extremely unique transaction; having gone into escrow two weeks before the pandemic was declared a national emergency which lead to a five-month escrow,' said Goldsmith. 'Transactions closing during the pandemic are those in which both the buyer and the seller show an enormous amount of patience and integrity. Watching the two parties work towards a successful closing amidst the challenging environment was a highlight in my career. The Southern California-based buyer continues to show great faith in the Phoenix retail market with this closing.'

Built in 2006, Shoppes at Legacy House is located along McKellips Road between Higley and Recker Roads. The retail center is 90 percent occupied by tenants including Cigna Medical Group, Pita Jungle, Auto Zone and more.

According to NKF Research, the sale of Shoppes at Legacy House is the fourth largest single property sale by volume in Greater Phoenix since March and the largest multi-tenant retail sale in the City of Mesa in 2020. This is significant because of the difficulty of securing traditional financing due to public and traditional banking corporate health measures .The $166.17 per square foot transaction pricing was 29 percent higher than the median retail sale price per square foot ($128.85 per square foot) in Mesa in the second-quarter.

About Newmark Knight Frank
Newmark Knight Frank ('NKF'), operated by Newmark Group, Inc. ('Newmark Group') (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 18,000 professionals operate from approximately 480 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.

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 Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Disclaimer

Newmark Group Inc. published this content on 20 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 July 2020 16:40:06 UTC


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Financials (USD)
Sales 2022 3 167 M - -
Net income 2022 202 M - -
Net Debt 2022 1 285 M - -
P/E ratio 2022 14,9x
Yield 2022 1,59%
Capitalization 2 092 M 2 092 M -
EV / Sales 2022 1,07x
EV / Sales 2023 1,06x
Nbr of Employees 4 261
Free-Float 73,6%
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Barry M. Gosin Chief Executive Officer
James D. Kuhn President & Head-Investor Services
Michael J. Rispoli Chief Financial Officer
Howard William Lutnick Chairman
Sridhar Potineni Chief Information Officer
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