Newmark Capital Markets has successfully completed the sale of 29 Crafts Street in Newton, Massachusetts to Capasso Realty for $13.9 million. Led by U.S. Head of Capital Markets, President, New England Area Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Associate Director Samantha Hallowell and Financial Analyst Christian Brannelly, the Newmark Capital Markets Boston office, in conjunction with Newmark Senior Managing Director Drew Nelson, oversaw the transaction of the five-story office building on behalf of Chatham Investment.
Anchored by W.T. Rich Company, Steward Health Care System and Capital Advisors Group, 29 Crafts Street boasts a proven history of high occupancy and strong tenant retention. The 66,825-square-foot asset also features 190 on-site parking spaces.
“Combining stable in-place cash flow with tangible upside potential in a premier Boston suburb, 29 Crafts Street represented a compelling investment opportunity,” said Hallowell. “The asset’s substantial rental rate discount to Downtown Boston, walkable amenities and convenient commuter location generate consistent demand from a diverse tenant roster.”
29 Crafts Street is immediately accessible to Interstate 90 (Massachusetts Turnpike), providing a direct connection to Downtown Boston, and just three miles from Interstate 95 (Route 128). Additionally, an MBTA commuter rail station and a wealth of dining and convenience amenities are located within walking distance of the subject property.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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