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 was procured as the buyer. In addition to this successful deal closing,the Boston Debt & Structured Financing team comprising David Douvadjian Sr., Timothy O’Donnell,David Douvadjian Jr.,and Conor Reenstierna secured acquisition financing for Rhino Capital from Bank Newport.
The impressive 113880-square-foot building is fully triple-net leased to two prominent tenants: industrial giant Rockwell Automation and semiconductor manufacturer Qorvo.The strong credit ratings of these tenants coupled with substantial interior fit-out improvements make this property an attractive investment opportunity.”This is further reinforced by its prime location within a high-performing cluster,” stated Hallowell.”With single-digit vacancy rates and double-digit rental rate growth over the past five years,this property offers significant ownership benefits.”
In summary,the recent sale of Chelmsford’s R&D/office/lab building marks another successful venture for Newmark,and highlights their expertise in facilitating complex real estate transactions across various sectors.
