Salem, NH NGKF Capital Markets has successfully completed the sale of Rockingham Park to OMJ, LLC. Executive managing director Richard Ruggiero and managing director Justin Smith of the NGKF Capital Markets Boston team, which is led by U.S. head of capital markets Robert Griffin, oversaw the transaction of the 120-acre development opportunity on behalf of Rockingham Ventures, Inc. According to public record the property sold for $40 million.
Featuring one-half mile of frontage along Rte. 28, Rockingham Park offers potential for mixed-use conversion. The property also has an iconic history – thoroughbred horse racing began at Rockingham Park in 1906 and champion racehorse Seabiscuit visited the track in 1935.
“As one of the largest offerings of its kind in recent New England history, Rockingham Park represents a generational opportunity to acquire a 120-acre contiguous parcel,” said Smith. “As such, the property lends itself to a multi-faceted development that can accommodate the full myriad of ‘live-work-play’ components.”
Situated at Exit 1 off I-93, Rockingham Park is located close to the Massachusetts-New Hampshire border. The property is also adjacent to The Mall at Rockingham Park, a one million s/f regional shopping center.
This retail destination features three and five-mile population counts of 31,700 and 118,000 people, respectively, with coinciding average household incomes of $95,400 and $84,200.
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services.
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