Newmark Company Will Oversee Strategic Disposition of 150–200 Sites
Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces that Excess Space Retail Services, Inc., a Newmark company (“ExcessSpace”), has been engaged by Jack in the Box Inc. as the exclusive real estate advisor for the disposition of a portion of the company’s restaurant portfolio, primarily in the western United States.
The assignment, led by Executive Managing Directors Howard Goldfarb and Leo Greco, was announced in conjunction with Jack in the Box’s broader strategy to streamline operations and improve financial performance by closing approximately 150 to 200 locations. ExcessSpace services will include identifying and implementing strategic disposition solutions to maximize value across a geographically diverse portfolio.
“This assignment is an opportunity to bring Newmark’s deep portfolio optimization expertise to bear on a complex, mission-critical mandate,” said Michael Wiener, President of ExcessSpace. “We are proud to partner with Jack in the Box and look forward to executing a best-in-class approach to help them meet their objectives.”
ExcessSpace, Newmark’s retail disposition group, provides lease restructuring, terminations, subleasing and property sales services for retailers across the U.S., with recent clients including Party City, Advance Auto Parts and JCPenney. The team has managed projects involving portfolios of all sizes and has helped clients reduce real estate liabilities by more than $6 billion. The company’s approach combines financial analysis, local brokerage coordination and transaction management to support clients undergoing M&A, downsizing or other strategic changes.
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