Newmark Arranges Sale of Shopping Center in Greater Buffalo, New York

November 12, 2024 9:00 AM

Newmark announces it has arranged the sale of Union Consumer Square, a shopping center located outside of Buffalo in Cheektowaga, New York. Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Directors Jonathan Martin and Paul Penman of the Boston Capital Markets group's retail practice provided support for the transaction in conjunction with Newmark-affiliated Ciminelli Associate Vice President Timothy Malchow. The property traded from DLC Management to Progress Realty Partners.

"More than 116,000 square feet of leasing activity has been completed at Union Consumer Square within the past 18 months," said Martin. "Ranging from long-term commitments with junior anchors to a host of small-footprint transactions with inline users, this impressive leasing momentum demonstrates the asset's enduring and diverse tenant appeal."

Totaling 385,148 square feet, Union Consumer Square is 92% leased. The asset is anchored by a longstanding Sam's Club with junior anchors including Marshalls, Ross Dress for Less and Ulta Beauty.

Union Consumer Square is located directly across from a super-regional mall, Walden Galleria, in the heart of Greater Buffalo's Cheektowaga retail district. The asset further benefits from its location at the heavily trafficked intersection of Union Road and Galleria Drive, one mile from Interstate 90 and three miles from Buffalo Niagara International Airport.

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 blue-chip 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 September 30, 2024, Newmark generated revenues of over $2.6 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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