October 4th, 2022 9:00 AM
Newmark announces the imminent construction of The Cubes at Gilboa, a planned industrial cross-dock facility totaling approximately 1.1 million square feet and located on 85 acres in Douglas, Massachusetts. The new project is fully permitted, and construction is anticipated to commence in the fall of 2022, with delivery planned for the fall of 2023.
Newmark Executive Managing Directors Ed Jarosz, Tony Coskren, and Rick Schuhwerk, Senior Managing Director Brian Pinch and Associates Michael Malinconico and Allie Percoco will serve as exclusive leasing advisors for the property, representing the developer, CRG, a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial industrial, institutional and multifamily assets exceeding $13 billion in value.
“This will be one of the largest speculative industrial warehouse projects in Massachusetts,” said Jarosz. “With proximity to Boston, Worcester and Providence, this project will provide much needed warehouse capacity for distribution tenants that serve these major population centers.”
The Cubes at Gilboa was designed by CRG’s integrated partner Lamar Johnson Collaborative, while its parent company, Clayco, is serving as general contractor. The project leverages design standards from CRG’s nationally recognized industrial brand, The Cubes. The concrete tilt-up constructed building will feature 40-foot clear height, 51- by 51-foot column spacing, 171 dock doors, four drive-in doors, ESFR sprinkler systems, high-efficiency LED lighting and parking for 220 trailers and 651 cars.
The Cubes at Gilboa Street is located at 123 Gilboa Street in Douglas, just off Route 146. The prime distribution location is just 20 minutes to Interstate 290, 24 minutes to Worcester, 26 minutes to Interstate 495, 29 minutes to Providence, and 80 minutes to Boston. Corporate neighbors include Cultivate, Lenze, Medline, Amazon, BJ’s Wholesale Club and Primetals Technologies.
The national industrial market remains resilient, despite economic headwinds in the second quarter of 2022, according to Newmark Research. For the fifth consecutive quarter, national industrial absorption topped 100 million square feet. The persistent imbalance between demand and new deliveries has pushed vacancy down to 3.7%, likely a cyclical low. Demand remains strong for industrial space with absorption continuing to outpace deliveries.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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Newmark Announces Groundbreaking of One of the Largest Speculative Industrial Projects in Massachusetts
October 4th, 2022 9:00 AM