March 21, 2022 11:00 AM
Newmark announces the $7.1 million sale of 701 George Washington Highway, a Class A medical/office building located in Lincoln, Rhode Island. Newmark Senior Managing Director Michael Greeley and Associates Joseph Alvarado and George Demoulas of the firm’s Boston Capital Markets Group’s medical-academic and private capital practices represented the seller, FH French, a Rhode Island-based group that is affiliated with Blackstone Management Inc., and procured the buyer, Legacy Capital Ventures, a recently-formed Boston-based family office. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson, Director Blake McLaughlin and Associates Allie Percoco and Casey Valente provided support on the transaction as well. Newmark Senior Financial Analyst Nickolas Revers provided financial analysis support.
Completely gut renovated in 2018, 701 George Washington Highway is a “like-new” asset totaling 40,037 square feet. It is fully leased as the corporate headquarters of BETA, a fast-growing engineering firm, and one of seven regional cancer institute clinics for Lifespan, the largest health system in Rhode Island.
“This transaction was a joint effort by our medical-academic and private capital groups,” said Demoulas. “We congratulate the sellers on a successful repositioning and the buyers on an exceptional acquisition.”
701 George Washington Highway is well positioned off Route 146 and Interstate 295 with seamless connectivity to Lifespan’s flagship hospitals in Providence as well as employees and patients located across the region. The asset is surrounded by a 10-mile population count of 626,100 people with an average household income of $83,300.
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 $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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