Eastern Real Estate Sells Grocery-Anchored Shopping Center to The Jaffe Corporation
NKF Capital Markets has successfully completed the sale of Powerhouse Plaza in West Lebanon, New Hampshire to The Jaffe Corporation, which is headquartered in Ormond Beach, Florida. On behalf of Eastern Real Estate, NKF Capital Markets Managing Director Justin Smith of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored shopping center.
Totaling 81,317 square feet, Powerhouse Plaza is anchored by a longstanding Shaw’s supermarket. Its diverse tenant roster also includes Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.
“Powerhouse Plaza boasts strong leasing momentum with a number of recent renewals from original tenants,” said Smith. “This activity is a clear testament to the asset’s exceptional positioning within a significant concentration of shopping centers that benefits from severely limited competition within a 15-mile radius.”
Situated on the New Hampshire/Vermont border, Powerhouse Plaza is strategically positioned at the intersection of Interstates 89 and 91, and less than 15 minutes from Dartmouth College. The property benefits from five- and 10-mile population counts of 23,700 and 48,300 people, respectively, with corresponding average household incomes of $74,200 and $88,800.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol "NMRK", is a publicly traded subsidiary of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol "BGCP". BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol "BGCA".
