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May 9, 2018

Falmouth Shopping Center sold to unnamed investors

Courtesy / NKF Capital Markets
Courtesy / NKF Capital Markets
NKF Capital Markets, operated by Newmark Group Inc., announced the sale of the Falmouth Shopping Center to private local investors for $21 million.

The Falmouth Shopping Center has been sold to private local investors for $21 million.

NKF Capital Markets, operated by Newmark Group Inc., is a global commercial real estate advisory firm with more than 400 offices around the world, announced the sale in a news release, but did not disclose the buyers.

Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith of NKF Capital Markets, which is led by co-head of U.S. Capital Markets Robert Griffin, oversaw the sale of the Shaw's-anchored shopping center in conjunction with Porta & Co. broker Mackenzie Simpson on behalf of JPA Management.

Located along Falmouth's retail corridor on U.S. Route 1, the shopping center is 89% leased to a diverse tenant roster anchored by Shaw's Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire and Bank of America, NKF Capital stated in its news release.

"Falmouth Shopping Center benefits from longstanding grocery tenancy combined with exceptional recent leasing momentum," said Smith. "It also enjoys limited local grocery competition within an affluent Portland suburb, able to draw consumers from a wide geographic trade area."

The Forecaster reported that Compass Commercial Brokers in Portland is now the exclusive leasing agent for the shopping center, located just six miles north of downtown Portland. Commercial Properties Management — whose portfolio includes the Tontine Mall in Brunswick, the Topsham Fair Mall and Mill Creek Plaza in South Portland, will manage the property, the newspaper reported.

Several people interviewed by the newspaper, including Town Manager Nathan Poore, declined to identify the buyers. "I have met with representatives of the new ownership (and) ... based on what I know, I am encouraged with the long-term vision (for) this property," Poore told the Forecaster.

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