�ǿ�����app����

May 26, 2022 9:00 AM

�ǿ�����app����[1] announces it has completed the $6.25 million sale of Plaza 59, a 32,128-square-foot multi-tenant shopping center in Phoenix, Arizona. �ǿ�����app���� Senior Managing Directors Steve Julius and Jesse Goldsmith and Director Chase Dorsett represented the seller, Plaza 59, LLC (a Scottsdale-based private investor) in the trade to buyer 33^rd Ave & Indian School Rd Pros RE, LLC. This represents the �ǿ�����app���� team’s second transaction working with the seller on this property.

“We helped our client purchase this property off-market in May 2020, during the thick of the pandemic and government shutdowns,�� said Dorsett. “While some investors sat on the sidelines during this time period, our client had a vision to reposition this property and was willing to take on risk during an extremely uncertain time in the retail market.��

In the two years since purchasing Plaza 59, the seller made numerous capital improvements in addition to filling several vacancies.

“Our team was pleased to help successfully capitalize on this value-add opportunity for the client,�� said Goldsmith. “The buyer was attracted to the dense, infill location, high traffic counts, and neighborhood-oriented tenant mix.��

At the time of sale, Plaza 59 was 95% leased to 20 seasoned tenants, many of whom have been in place long-term. Tenants at Plaza 59 benefit from a monument sign, lighted intersection, unobstructed visibility, and over 71,000 cars per day at the intersection. The property features a classic, L-shaped building layout with ample parking.

Located just west of downtown Phoenix, Plaza 59 is conveniently positioned between the two major interstate highways that cut through the metro area. The location also offers easy access to Sky Harbor International Airport, which is a 15-minute drive southeast. The intersection of Indian School Road and 59th Avenue is also home to Grand Canyon University Championship Golf Course, and within one mile of the property are several big box retailers, including Walmart Supercenter and Ross Dress For Less; multiple fast food restaurants such as McDonald’s, Wendy’s, and Panda Express; and Maryvale High School with a student population of 2,800.

Across the U.S., retail investment activity recovered substantially during the first quarter of 2022, according to �ǿ�����app���� Research. National retail sales volume increased 102.3% year-over-year to $18.6 billion, the strongest first quarter in five years. In addition to early pandemic favorites such as grocery-anchored retail, other retail segments such as strip centers have attracted investor demand in 2022. Overall consumer willingness to shop in stores has increased as COVID-19 restrictions are lifted across the country and foot traffic is being aided by trends such as “buy-online-pick-up-in-store.��

[1] Dba �ǿ�����app���� Knight Frank in Arizona

About �ǿ�����app����
�ǿ�����app���� Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“�ǿ�����app������), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. �ǿ�����app����’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, �ǿ�����app���� provides superior service to clients across the industry spectrum. �ǿ�����app���� generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. �ǿ�����app����’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow .

Discussion of Forward-Looking Statements about �ǿ�����app����
Statements in this document regarding �ǿ�����app���� that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, �ǿ�����app���� undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see �ǿ�����app����’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.