Newmark is pleased to announce that it has been engaged as the exclusive leasing agent for Cabot Commerce Center, a new 350,000-square-foot state-of-the-art logistics center located at 1025 Elm Street in Bridgewater, Massachusetts. Ownership, a joint venture between DeBartolo Development, LLC and Cabot Properties, hired Newmark to market and pre-lease the highly anticipated development, which is slated for a Q3 2020 delivery.
Currently underway, Cabot Commerce Center is situated on 59 acres and located on route 24, geographically between two Amazon distribution centers (Stoughton and Fall River, Massachusetts). The site provides quick access into downtown Boston and onto I-495 for distribution throughout New England. Once complete, Cabot Commerce Center will feature 32’ clear heights, 65 loading docks, two drive-in doors, tilt-up construction, LED lighting, ESFR sprinklers, 385 employee parking spaces, 42 trailer spaces and the ability to expand the paved area to accommodate additional parking as needed. In addition, the city of Bridgewater is widening and repaving the access road to the site.
“We search markets nationwide for high demand and high barrier to entry developments and Cabot Commerce Center is a perfect example,” said Edward Kobel, president and chief operating officer of DeBartolo Development. “This best in class industrial building will provide tenants a much needed opportunity in a supply-constrained market.”
Newmark Executive Managing Directors Rick Schuhwerk, Ed Jarosz and Tony Coskren, along with Managing Director Brian Pinch and Associate Lizzie Kusbit, will lead the brokerage team assigned by ownership to lease the new development. Cabot Properties, a private equity real estate investment firm headquartered in Boston, MA recently partnered with DeBartolo Development, LLC, a real estate investment firm that has been in the real estate industry for more than seven decades. The newly formed joint venture saw the development potential of the 1025 Elm Street site and acquired the land in July 2019.
“We are thrilled to be working with DeBartolo Development, LLC and Cabot Properties on this first-class, dynamic project,” said Coskren. “Cabot Commerce Center will be a state-of-the-art industrial development offering users an ideal distribution location to access greater Boston’s dense population base. In addition, the building will have all of the key attributes and functionality that leading distribution users are seeking throughout the country. We believe that Cabot Commerce Center will be a great success for the town of Bridgewater as we expect to have substantial interest in the project.”
About DeBartolo Development, LLC
DeBartolo Development, LLC, is one of the largest private real estate companies in the United States with a successful track record spanning more than seven decades. The company invests in real estate assets of all sizes and scopes, specializing in opportunistic acquisitions and market-driven, ground-up development of multifamily, hospitality, retail and mixed-use projects. DeBartolo has successfully invested in 166 assets with approximate value of $5 billion since 2003. For more information, visit www.debartolodevelopment.com.
About Cabot Properties
Cabot Properties is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $9.6 billion in industrial real estate, managing and operating over 3,800 tenants in approximately 181 million square feet.
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 16,000 professionals operate from approximately 430 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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