March 8, 2021 10:00 AM
Newmark announces the lease of 381,192 square feet of Class A, high-bay industrial warehouse space at 613 Main Street in Wilmington, Massachusetts. The leases were signed to Homans Associates (202,435 square feet) and Lowe’s (178,757 square feet). The two leases bring 613 Main Street to full occupancy.
Executive Managing Directors Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor and Rick Schuhwerk, Managing Director Brian Pinch, and Associate Lizzie Kusbit represented the owner/landlords, a joint venture between The Seyon Group (“Seyon”) and Wheelock Street Capital (“Wheelock Street”), in the industrial lease transactions.
Seyon and Wheelock Street acquired 613 Main Street with a redevelopment strategy in mind. Approximately 20 minutes from downtown Boston on I-93, the property is positioned as an ideal last-mile location, however, the buildings lacked functionality. In a proactive repositioning effort, ownership demolished approximately 50,000 square feet of the building and added 21 loading docks, for a total of 44 tailboard docks, placed in a more natural configuration for building leasing.
Ultimately, the asset’s repositioning attracted two high-caliber tenants, Homans Associates and Lowe’s, who both plan to use their respective spaces as distribution hubs. Homans Associates will use their new space to service direct clients as well as its 18 regional locations in the Northeast, and Lowe’s will supply its chain of retail stores across New England.
“The successful leasing of 613 Main Street was largely a result of the foresight and creativity of Seyon and Wheelock’s redevelopment plans as well as the carried out execution,” said Tony. “More notable was their conviction in meeting the needs of evolving tenant demand and expansion of the urban marketplace. As industrial product continues to be repurposed in downtown Boston, areas such as Wilmington have become a logical location option for tenants, providing quick access to the city as well as the state’s major distribution network.”
Newmark Group, Inc. (Nasdaq: NMRK), 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 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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