December 6, 2021 12:00 PM
Newmark announces the $173 million sale of the Northeast Logistics Portfolio, a four-building warehouse/distribution portfolio located in suburban Boston, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen, Tony Coskren, Ed Jarosz and Brian Pinch and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, Marcus Partners, and procured the buyer, GLP Capital Partners, which operates through its fully integrated real estate platform, Modlo (“GCP/Modlo”). Newmark Senior Financial Analyst Nick Revers provided financial analysis support.
Totaling more than one million square feet, the Northeast Logistics Portfolio includes 192 Mansfield Avenue in Norton, 100 Adams Road in Clinton and 132 Campanelli Drive and 1010 West Chestnut Street in Brockton. The portfolio is presently 100% leased to 11 tenants.
“This transaction marks GCP/Modlo’s first acquisition in the Boston market,” said Pullen. “The portfolio serves as an exceptional entry into the region for the group given its high-quality physical infrastructure, strategic positioning in prime logistics locations and access to major distribution corridors.”
The Northeast Logistics Portfolio’s assets are well positioned along some of New England’s primary highway systems, including Interstates 90, 93, 95 and 495, and less than one hour from downtown Boston.
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 in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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