Boston— NKF Capital Markets has completed the sale of Falmouth Shopping Center in Falmouth, Maine to private local investors for $21 million.
Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith of NKF Capital Markets, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the Shaw’s-anchored retail asset in conjunction with Porta & Co. broker Mackenzie Simpson on behalf of JPA Management.
Conveniently located along Route 1, a prominent retail corridor, Falmouth Shopping Center is presently 89 percent leased to a diverse tenant roster anchored by Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire and Bank of America.
“Falmouth Shopping Center benefits from longstanding grocery tenancy combined with exceptional recent leasing momentum,” said Smith. “It also enjoys limited local grocery competition within an affluent Portland suburb, able to draw consumers from a wide geographic trade area.”
Just six miles north of downtown Portland, Falmouth is one of the most affluent towns in Maine. The subject property benefits from a three-mile population count of 15,700 people with an average household income of $117,800.