Crosspoint Snaps Up Target-Anchored Cambridge Retail

Newmark arranged the $20.1-million sale of Porter Square Galleria, a Target-anchored urban retail asset in Cambridge, MA. Co-head of U.S. capital markets Robert Griffin and managing directors Jonathan Martin and Paul Penman represented the undisclosed seller and procured the buyer, Crosspoint Associates.

Additionally, Newmark vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian, Jr. and associate director Conor Reenstierna arranged financing on behalf of Crosspoint. Senior financial analyst Casey O’Brien provided financial analysis support.

Totaling 55,610 square feet, Porter Square Galleria is 96% leased to six tenants. The property is anchored by a 28,893-square-foot Target and complemented by necessity-based retailers including One Medical, Anna’s Taqueria and Citizens Bank.

“Greater Boston enjoys one of the country’s lowest retail vacancy rates and its leasing spreads continue to impress investors,” said Martin. “Buyer interest in urban retail within core Boston-area markets has been robust during the first half of 2024 and we expect the trend will continue through the second half of the year.”