Newmark has successfully facilitated the sale of 2 Executive Dr., a state-of-the-art R&D/office/lab building located in Chelmsford, MA. The transaction, valued at $14.5 million, was led by co-head of U.S. capital markets Robert Griffin and Newmark’s Boston Capital Markets team consisting of Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Joseph Alvarado and Casey Valente.
The seller Foxfield was represented by the team while Rhino Capital emerged as the buyer through their efforts.
In addition to this successful deal closing for Newmark’s Boston office comes news that their Debt & Structured Financing division also secured acquisition financing from Bank Newport for Rhino Capital with support from David Douvadjian Sr., Timothy O’Donnell Jr., David Douvadjian Jr. and Conor Reenstierna.
The property boasts an impressive 113880 square feet area which is fully triple-net leased to two major tenants – Rockwell Automation (industrial giant) and Qorvo (semiconductor manufacturer). According to Hallowell “the ownership stands to benefit greatly from this building’s credit-rated tenancy along with its substantial interior fit-out improvements which have positioned it strongly among other high-performing clusters.” This is further supported by single-digit vacancy rates coupled with double-digit rental rate growth over a span of five years.
