July 11, 2022 9:00 AM
Newmark announces the sale of 100 Rustcraft Road, a flex, R&D and laboratory asset located in the suburban Boston community of Dedham, Massachusetts. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, RJ Kelly and Independencia Asset Management, and procured the buyer, Invesco Real Estate, a global real estate investment manager.
Totaling 422,117 square feet, 100 Rustcraft Road is presently 100% leased to a diverse rent roll anchored by General Dynamics and the American Red Cross. The asset features highly desirable and reusable infrastructure including multiple entrances, loading docks and drive-in doors plus 13’ to 26’ clear heights and abundant parking capacity.
“As a single-story building with flexible infrastructure on a 53-acre site just 20 miles outside of Boston, 100 Rustcraft Road is an irreplaceable asset with exceptional functionality for a variety of uses,” said Pullen. “The asset is well positioned to benefit from the region’s favorable flex sector fundamentals as R&D, life science and industrial tenant requirements continue to converge.”
100 Rustcraft Road is located directly behind an expansive mixed-use complex known as Legacy Place, off the coveted Interstate 95/Route 128 highway corridor and along an MBTA commuter rail route offering direct access to Boston.
Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.
About RJ Kelly
R.J. Kelly Co., Inc. (RJK) is a vertically integrated owner and developer focused on providing agile, flexible, and creative real estate solutions. Since inception they have developed over 20 million sf throughout New England and currently manage approximately 10 million sf of CRE (~$2.5 billion AUM) for their own account and that of select partners, clients, and tenants throughout the region. With a 70+ year track record, their clients’ needs and best interests always come first. They utilize local expertise to best leverage their platform and relationships for the benefit of all across land, office, R&D/flex, industrial, retail, mixed-use, and self-storage investments. For more information, visit rjkelly.com.
About Independencia Asset Management
Independencia Asset Management LLC (“IAM”) is a real estate asset management firm headquartered in Miami with additional offices in Boston and Denver. Since incorporating in US in 2004, IAM has invested over $4B worth of real estate assets, more than 18 million square feet of core-plus and value-add office, retail, industrial and multi-family assets in 24 states with thirteen different local operating partners. IAM current portfolio consists of approximately $2.0B of assets under management.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $92.0 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com.
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 $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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