January 11, 2021 9:00 AM
Newmark announces the sale of 11 Centennial Drive, a “last-mile” warehouse/distribution facility located 15 miles north of Boston in Peabody, Massachusetts. Comprising 217,592 square feet, 11 Centennial Drive is fully occupied by Cardinal Health (NYSE: CAH), one of the largest drug wholesalers in the United States. Cardinal Health utilizes the property as a regional distribution facility to supply medical equipment and pharmaceuticals to hospitals, pharmacies and doctor’s offices across New England.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Directors Tony Coskren, Ed Jarosz, Matthew Pullen and Rick Schuhwerk, Managing Directors Samantha Hallowell and Brian Pinch and Associate Lizzie Kusbit of the firm’s Boston Capital Markets Group represented the seller and procured the buyer, Longpoint Realty Partners. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support.
Longpoint Realty Partners is a real estate private equity firm and Registered Investment Adviser with headquarters in Boston and regional offices in Baltimore, Dallas, Los Angeles, Miami and New Jersey. Longpoint Realty Partners is an owner and operator of real estate focused on serving the evolving needs of consumers with a specific focus on industrial warehouses and neighborhood shopping centers.
“11 Centennial Drive is a prime ‘last-mile’ facility given its cross-dock functionality and proximity to both Logan International Airport and Downtown Boston,” said Tony. “The Interstate 95/Route 128 corridor is undergoing exceptional growth as a premier alternative for industrial and life science users that are increasingly being displaced from Greater Boston’s urban core by its skyrocketing rental rates and decreasing supply.”
“We are excited about the acquisition of 11 Centennial Drive and the ability to continue to grow our portfolio in the Greater Boston area,” said Joshua Kay, Vice President of Longpoint. “This property is the type of asset that we look to acquire, and we were attracted by this property’s excellent tenancy, strong physical specifications and ability to access a densely-populated metro area.”
11 Centennial Drive is situated within Centennial Park, a 300-acre campus comprising 2.5 million square feet of office, R&D, technology, warehouse, manufacturing, healthcare, hotel and restaurant uses.
According to Newmark Research, Greater Boston’s North submarket – which includes Peabody – encompasses 76 million square feet of industrial inventory, 27 million square feet of which is classified as warehouse/distribution.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. 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.