**Newmark Arranges $11.5M Sale and Financing of Chelmsford Flex/R&D Property**
Newmark has successfully arranged the $11.5 million sale of 1 Executive Drive, a research and development, office, and electronic laboratory facility located in Chelmsford, Massachusetts. The 112,440-square-foot property was sold by Foxfield to Rhino Capital Advisors LLC.
Representing the seller were Newmark’s Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell, and Associate Director William Sleeper.
Newmark also secured acquisition financing on behalf of Rhino Capital Advisors. The financing team included Boston Debt & Structured Finance Vice Chairman David Douvadjian Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian Jr., and Associate Directors Bobby Alvarado and Conor Reenstierna.
“1 Executive Drive benefits from investment-grade anchor tenancy and tangible value-add upside via the lease-up of its remaining availability,” said Hallowell. “It further enjoys exceptional positioning in a high-performing flex/R&D cluster with a single-digit vacancy rate, recent double-digit rental rate growth, and robust tenant demand.”
Currently, the property is 87% leased to five tenants. Notable anchor tenants include Spectro Scientific, a business unit of global industrial technology firm AMETEK, and Qorvo, a leading semiconductor manufacturer.
