Newmark Facilitates $79M Recapitalization of Axis Park North in Billerica, MA
Newmark has successfully arranged the $79 million recapitalization of Axis Park North, a six-building industrial research and development park located in Billerica, Massachusetts, approximately 30 miles northwest of Boston.
The transaction team included Robert Griffin, Co-Head of U.S. Capital Markets, alongside Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell, and Associate Director William Sleeper. Additionally, Boston Industrial Capital Markets Executive Managing Directors Tony Coskren and Brian Pinch were instrumental in the deal. The team represented the current owners, Camber Development and Wheelock Street Capital, and secured GEM Realty Capital as the buyer.
Totalling 450,000 square feet, Axis Park North serves tenants across clean technology, medical devices, life sciences, semiconductors, and electronics manufacturing. Under the stewardship of Camber and Wheelock, over 270,000 square feet of leases have been executed, reflecting robust tenant demand and strategic asset management.
“Axis Park North has been well leased and meticulously maintained by Camber Development, offering a pristine physical plant with minimal capital exposure,” said James Tribble. “It further reports superior tenant tenure, driving its status as a historical top-performer in both occupancy and rent growth. This provides GEM Realty Capital, and Camber Development, with an attractive mix of durable cash flow and upside potential.”
The recapitalization underscores continuing investor interest in mission-critical industrial R&D assets throughout the Greater Boston area.
