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NGKF Capital Markets<\/a> has successfully completed the sale of Potpourri”,”Littleton in suburban Boston, Massachusetts to Gramercy Property Trust for $39.75 million. The NGKF Capital Markets Boston team, led by U.S. Head of Capital Markets Robert Griffin<\/a>, Vice Chairman Edward Maher<\/a> and Executive Managing Director Matthew Pullen<\/a>, oversaw the transaction of the brand new industrial asset on behalf of Colony Capital.
A state-of-the art build-to-suit facility totaling 450,000 square feet, Potpourri”,”Littleton is fully leased to leading multi-brand retailer Potpourri Group on a long-term basis. The property will serve as a key regional fulfillment center for the firm, which is headquartered nearby in North Billerica.
"Potpourri”,”Littleton represents a truly best-in-class property including advanced fulfillment technology, exceptional efficiency, generous clear heights, abundant loading capacity and ample automobile and trailer parking with cross-docking potential," said Pullen. "In New England, this type of modern, large-block, high-bay industrial product is rare, providing Potpourri”,”Littleton with a significant competitive advantage in the local marketplace."
Strategically situated moments from Interstate 495, Potpourri”,”Littleton benefits from excellent regional access to all of New England’s major economic hubs. Additionally, it is conveniently located just 15 minutes from Potpourri Group’s corporate headquarters and 40 minutes from Downtown Boston.
"The Littleton transaction is a great example of the persistent appetite for net-lease strategies where Colony’s aim was to create a win-win scenario for all parties involved," said Georges Asmar, global head of net lease at Colony Capital. "This deal represents a case study for a high-quality industrial property, which offers a great value-add for the tenant’s competitiveness and great yielding potential for the new owner. Colony’s relationship and close collaboration with NGKF was instrumental in the success of this transaction."
About Newmark Grubb Knight Frank<\/strong>
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit