Newmark Arranges $19.75 Million Sale of Mall Plaza in South Portland, Maine

February 19, 2025 9:00 AM

Newmark announces the firm has arranged the $19.75 million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland, Maine. Co-Head of U.S. Capital Markets Robert Griffin and Boston Capital Markets Managing Directors Jonathan Martin and Paul Penman provided support for the transaction in conjunction with Mackenzie Simpson, Esq. from Porta & Co. The property traded from GMG LLC to New Gen Hospitality, Inc.

Mall Plaza is presently 83% leased to a diverse tenant roster including anchor Dick’s Sporting Goods and junior anchor Petco. The property features five pad sites, four of which are occupied by Burger King, Verizon, Maine Community Bank and Friendly’s.

“Mall Plaza presents exceptional upside potential given its below-market in-place rental rates, near-term lease roll and excellent market fundamentals,” said Martin. “The offering underwent a competitive sale process with more than a dozen offers and multiple rounds of bidding from local and national operators, reflecting both the strength of this market and investors’ demand for core-plus and value-add acquisition opportunities.”

Mall Plaza is located across from The Maine Mall, which serves an expansive trade area as the only super-regional mall within a 50-mile radius. Mall Plaza further benefits from its positioning at a signalized intersection with seamless access to and from two major highways: Interstates 95 and 295.

Newmark Senior Financial Analyst Casey O’Brien provided financial analysis support for the transaction.

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 bluechip 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 twelve months ended December 31, 2024, Newmark generated revenues of nearly $2.8 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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