On behalf of a third party account, Paramount Realty Acquires Springfield Commons
NKF Orchestrates $10.2+ Million Sale of Springfield Commons in Springfield
Urban Edge Properties Sells Walmart-Anchored Retail Center to Paramount Realty Services, Inc.
Newmark Knight Frank (NKF) announced today the successful completion of the $10.2+ million sale of Springfield Commons in Springfield, Massachusetts to Paramount Realty Services, Inc. On behalf of Urban Edge Properties, Vice Chairman Geoffrey Millerd, Senior Managing Director Justin Smith, Director Paul Penman and Financial Analyst Samantha Torto of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the Walmart-anchored retail center.
“This transaction culminated in a successful closing between two long-time clients of NKF,” said Millerd. “We commend Urban Edge Properties on its stewardship of the asset and Paramount Realty Services, Inc. on this strategic acquisition.”
Totaling 182,400 square feet, Springfield Commons is presently 98% leased to a diverse nine-tenant roster. In addition to its Walmart anchor, the property includes a Dollar Tree outparcel, a Sonic restaurant pad and inline space occupied by complementary apparel and service-oriented retailers.
“Springfield Commons benefits from a recent expansion by Walmart, which increased its footprint by approximately 30,000 square feet in order to accommodate a grocery component and garden center,” said Smith. “The property also enjoys strong location fundamentals, with Springfield serving as home to the corporate headquarters of Fortune 100 firm MassMutual, five colleges with a total of 20,000+ students and the brand-new MGM Springfield casino. In addition, the city is accessible via three major regional highways – Interstates 90, 91 and 291.”
Springfield Commons features a highly visible location at a signalized intersection along Boston Road (Route 20), Springfield’s primary retail corridor. The property is surrounded by three- and five-mile population counts of 71,700 and 211,500 people, respectively, with corresponding average household incomes of $68,600 and $64,500.