RUTHERFORD, N.J., Aug. 28,
2024 /PRNewswire/ -- Newmark Group, Inc.
(Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial
real estate advisor and service provider to large institutional
investors, global corporations, and other owners and occupiers,
announces it has served as a strategic advisor to The Hampshire
Companies on a $300 million
recapitalization of The Fairfalls Logistics Portfolio ("Portfolio")
and assisted in procuring a joint venture ("JV") equity partner.
The transaction was facilitated by Newmark's Executive Managing
Director Kevin Welsh and
Global Head of Industrial and Logistics Jack Fraker with Managing Director Brian Schulz.
Currently 92% leased, the Portfolio totals 1.35 million square
feet of light industrial space across 30 strategically located
buildings with an average building size of 45,000+/- square feet.
The Portfolio provides critical mass and operational efficiency
within the regional port-centric market, offering unparalleled
accessibility to major Northeast corridors and a broad user base.
With a large concentration in Fairfield, providing direct access to critical
highways such as I-80 and Route 46, the Portfolio also spans
Little Falls, Elmwood Park and Carteret, New Jersey.
"The Newmark team is proud to have secured the JV partner on
behalf of Hampshire to accommodate the recapitalization of its
expansive industrial portfolio," said Welsh. "The new partnership,
combined with Hampshire's decade-long stewardship of the Portfolio,
will drive near-term value through mark-to-market rental increases
and long-term capital appreciation through enhancing the
Portfolio's market position."
Highlights of the Portfolio include broad zoning capabilities
that support warehousing, manufacturing and light industrial uses,
accommodating a diverse range of tenants across various industries
and sizes. Additionally, ownership has invested $14.3 million in capital improvements, including
new roofs and parking lots, to ensure the properties remain at the
forefront of the market.
Northern New Jersey remains a
prime location for industrial real estate, benefiting from a deep
and dense labor pool, excellent regional highway infrastructure and
status as a gateway to the largest metropolitan population base in
the country and the ports of New
York and New Jersey, the
second-largest port complex in the U.S. in terms of annual TEU
volume. The region has attracted substantial investment and
interest from domestic and international investors. Underpinning
its attractiveness are solid real estate fundamentals, with a
vacancy rate of 5.3% in 2Q24, over a percentage point tighter than
the U.S. average. Average asking rents in the Northern New Jersey industrial market have
risen an impressive 87% since the end of 2019, to $17.01/SF at the close of 2Q24 – one of the
country's highest industrial asking rent averages.
About The Hampshire Companies
The Hampshire Companies
is a full-service, private real estate investment firm based in
Morristown, New Jersey. It is a
vibrant, dynamic organization that combines creative vision and
superior execution, thereby enabling it to create and enhance value
in real estate investments. Additional information on the Hampshire
Companies is available online at
www.hampshirere.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries ("Newmark"), is a world leader in
commercial real estate, seamlessly powering every phase of the
property life cycle. Newmark's comprehensive suite of services and
products is uniquely tailored to each client, from owners to
occupiers, investors to founders, and startups to blue-chip
companies. Combining the platform's global reach with market
intelligence in both established and emerging property markets,
Newmark provides superior service to clients across the industry
spectrum. For the year ended December 31,
2023, Newmark generated revenues of approximately
$2.5 billion. As of June 30, 2024, Newmark's company-owned offices,
together with its business partners, operate from approximately 170
offices with 7,800 professionals around the world. To learn more,
visit nmrk.com or follow @newmark.
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.
These include statements about the Company's business, results,
financial position, liquidity, and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. 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.
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SOURCE Newmark Group, Inc.
