NGKF Capital Markets has successfully completed the sale of 400 Minuteman Road in Andover, Massachusetts to Carter Validus Mission Critical REIT II, Inc. for $37 million. The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Associate Director Samantha Hallowell, in conjunction with Newmark Grubb Knight Frank Executive Managing Director Torin Taylor, oversaw the transaction of the Class A office building on behalf of Spear Street Capital.
Encompassing a total of 153,000 square feet across two stories, 400 Minuteman Road is presently 100% leased to high-quality tenants Time Warner Cable and The Weather Company. The asset is one of seven buildings that comprise Minuteman Park, a one million square foot Class A suburban office campus.
“400 Minuteman Road benefits from a ‘sticky’ tenant roster with Time Warner Cable operating a state-of-the-art data center at the property,” said Hallowell. “Additionally, it features exceptional positioning within a market-leading ‘super park’ with one of the most desirable corporate addresses in suburban Boston.”
By virtue of its location in Minuteman Park, 400 Minuteman Road benefits from campus amenities including two full-service cafeterias, a coffee bar, two fitness centers and a game room/lounge, all of which are undergoing renovation. Additionally, the building is located immediately adjacent to Interstate 93 with swift access to Interstate 495, enabling seamless travel throughout the region.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.
About Carter Validus Mission Critical REIT II, Inc.
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded company headquartered in Tampa, Florida that has elected to be taxed, and believes it qualifies, as a real estate investment trust. The Company intends to acquire mission critical real estate assets located throughout the United States and abroad. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT II, Inc. intends to focus its acquisitions on mission critical assets in the data center and healthcare sectors. See www.cvmissioncriticalreitii.com for more information.