Newmark recently facilitated the sale of Porter Square Galleria, a popular urban retail center in Cambridge, MA. The $20.1 million transaction was led by co-head of U.S. capital markets Robert Griffin and managing directors Jonathan Martin and Paul Penman on behalf of an undisclosed seller.
The buyer, Crosspoint Associates, was also procured by Newmark through the efforts of vice chairman David Douvadjian Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian Jr., and associate director Conor Reenstierna. Additionally, financing for the purchase was arranged with assistance from senior financial analyst Casey O’Brien.
Porter Square Galleria spans 55,610 square feet and is currently 96% leased to six tenants including anchor store Target as well as other necessity-based retailers like One Medical, Anna’s Taqueria,and Citizens Bank.
According to Martin: “Greater Boston has one of the lowest retail vacancy rates in the country and continues to see impressive leasing spreads that attract investors.” He predicts that interest in urban retail properties within core Boston-area markets will remain strong throughout 2024 based on current trends seen during this first half-year period.
