Newmark Arranges $79 Million Recapitalization of Six-Building Industrial R&D Park in Boston’s Northern Suburbs

July 25, 2025 9:00 AM

Newmark is pleased to announce it has arranged the $79 million recapitalization of Axis Park North, a six-building industrial R&D park located 30 miles northwest of Boston in Billerica, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, along with Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper as well as Boston Industrial Capital Markets Executive Managing Directors Tony Coskren and Brian Pinch, represented Camber Development and Wheelock Street Capital, and procured the buyer, GEM Realty Capital.

Totaling 450,000 square feet, Axis Park North offers best-in-class industrial R&D/advanced manufacturing product with superior physical specifications and infrastructure—including 18’+ clear heights, 3,000 to 4,000 amps of power per building, full HVAC and at least one loading dock per tenant suite—and significant recent capital investment. The innovative industrial park is populated by users in the fields of clean tech, medical devices, life science and semiconductor and electronics manufacturing.

During their ownership, Camber and Wheelock executed over 270,000 square feet of leases with companies including ASMPT AEi, Generac Power Systems and SuperConducting Systems. “Axis Park North has been well leased and meticulously maintained by Camber Development, offering a pristine physical plant with minimal capital exposure,” said Tribble. “It further reports superior tenant tenure, driving its status as a historical top-performer in both occupancy and rent growth. This provides GEM Realty Capital, and Camber Development, with an attractive mix of durable cash flow and upside potential.”

Located just off Interstate 495 at 101 Billerica Avenue, Axis Park North offers seamless access across Boston’s northern suburbs and southern New Hampshire. This places it among a densely concentrated, dynamic employment cluster anchored by an impressive roster of medical, advanced manufacturing and technology firms.

Newmark Executive Managing Directors Matthew Adams, Richard Ruggiero and Torin Taylor and Senior Managing Director Rory Walsh provided local leasing expertise for the transaction, and Senior Financial Analyst Nickolas Revers and Financial Analyst Grady Zink provided analytical support.

About GEM Realty Capital
GEM Realty Capital is a strategically integrated real estate investment firm with approximately $6 billion in AUM. Founded in 1994 and headquartered in Chicago, GEM tactically invests across all four quadrants of U.S. real estate: public, private, debt and equity. Grounded in fundamental real estate analysis, GEM seeks to leverage its extensive experience to anticipate market shifts, navigate periods of economic uncertainty, and identify compelling investment opportunities. For more information visit https://gemrc.com/.

About Camber Development
Camber Development is a Boston-based real estate investor and operator. With a targeted focus on the advanced manufacturing, logistics and life science ecosystem, Camber develops and operates best-in-class properties to foster its tenant partners’ scientific advancement, technology development, and manufacturing and distribution implementation. Camber operates a 3 million square foot, 14-property portfolio of innovative industrial real estate located throughout Greater Boston. www.camberdev.com

About Wheelock Street Capital
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $5 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. Wheelock is currently deploying its seventh fund in its value-added series, Wheelock Street Real Estate Fund VII and its first perpetual life fund, Wheelock Street Long Term Value Fund. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 15-year track record of demonstrated and consistent outperformance over industry benchmarks. For more information visit wheelockst.com.

About Newmark
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. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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