Newmark is pleased to announce that Nordblom Company, in partnership with Alcion Ventures, recently acquired 60 Blanchard Road in Burlington, Massachusetts from JAM HOLDINGS, Inc. Newmark Executive Managing Director Michael Frisoli oversaw the transaction on behalf of the buyers. In addition, Newmark has been retained as the exclusive leasing agenct for the property. Nordblom Company acquired the 50,300-square-foot, single-story, commercial flex property on 7.8 acres of land, for $6.4 million.
“60 Blanchard Road affords a terrific opportunity to reinvigorate an owner-occupied asset in a strong market location providing exceptional Route 128 visibility,” said Og Hunnewell, partner of Nordblom Company. “The building lends itself well to a variety of user types. In keeping with the strong Burlington marketplace, we intend to undertake upgrades to the building and site for occupancy as early as May 2020.”
The property includes 650 feet of Route 128 frontage and easy access to Routes 3 and 128.
“Both the location and high visibility of 60 Blanchard Road make it a prominent and convenient alternative for a wide range of R&D, office and lab tenants,” said Kristopher Galletta, partner of Alcion Ventures. “Furthermore, the property has received its Special Permits for 84,500 square feet of new office construction.”
About Nordblom Company
Nordblom is a real estate enterprise with a 90-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns and manages office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, MA. with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom has $1.2 billion in assets under management. For more information, please visit www.nordblom.com.
About Alcion Ventures
Founded in 2005, Alcion Ventures is a real estate investment manager with extensive experience generating risk-adjusted returns for institutional investors through the active repositioning of assets across property types. Alcion’s senior team has worked together for almost two decades resulting in a disciplined, thesis-driven investment strategy that leverages a deep network of relationships and targets seven major North American cities. Based in Boston, Alcion invests on behalf of major U.S. and international institutional investors including public and private pensions, endowment and foundations and high net worth individuals. For more information, please visit www.alcionventures.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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