Dealmaker: Newmark Secures $26M Sale of Cambridge, Mass. Retail Asset

(330 River Street, Cambridge, Mass.)

Newmark, New York, sold 330-340 River Street, a 54,226-square-foot retail asset comprising a two-story Whole Foods Market and an adjacent Walgreens in Cambridge, Mass., for $26.4 million.

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Geoffrey Millerd and Managing Directors Jon Martin and Paul Penman of the firm’s Boston Capital Markets group provided capital markets advisory services for Acadia Realty Trust, White Plains, N.Y., which sold the asset to Benderson Development, Buffalo, N.Y.

The property’s two-story, 40,800-square-foot Whole Foods Market was custom-built for the grocer in 2001. The adjacent Walgreens occupies a single-story, 13,426-square-foot suite.

“This is exactly the type of asset currently attracting the most aggressive commercial real estate capital,” Martin said. “The property’s combination of longstanding grocery store tenancy, investment-grade credit, first-class real estate, dense, affluent demographics and future upside potential continues to be highly sought after.”

330-340 River Street sits within Cambridge’s Cambridgeport neighborhood between Harvard University and the Massachusetts Institute of Technology.

“High-quality retail assets continue to be very liquid, even as other asset classes have perhaps seen a slowdown in demand,” Penman said. “We expect to see more of these bespoke deal executions in 2023.”