Keurig Dr Pepper Campus Trades for $84.5M in Burlington, MA
Newmark has announced the successful $84.5 million sale of the Keurig Dr Pepper campus located at 53 & 63 South Avenue in Burlington, Massachusetts. The transaction involved two buildings encompassing a total of 431,233 square feet of office and R&D/manufacturing space.
The campus is fully occupied by Keurig Dr Pepper and was originally built in 2014 as a build-to-suit project for the company’s predecessor. It will continue to serve as the headquarters for Keurig Dr Pepper’s coffee segment, which is expected to become a standalone company following the firm’s planned division into separate coffee and refreshment beverage businesses.
The Newmark team representing the seller, Peakstone Realty Trust, included Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, and William Sleeper. The buyer, Montana Avenue Capital Partners, was also procured by the Newmark team.
Additionally, Newmark’s Boston Debt & Structured Finance group—led by David Douvadjian, Sr., Timothy O’Donnell, David Douvadjian, Jr., Bobby Alvarado, and Conor Reenstierna—arranged acquisition financing for Montana Avenue Capital Partners.
“53 & 63 South Avenue are among the marquee office and advanced R&D/manufacturing assets in the market,” noted James Tribble of Newmark. “With its purpose-built design and long-term occupancy by Keurig Dr Pepper, the property is positioned for continued strategic significance amid the company’s upcoming corporate transformation.”
