NGKF Capital Markets Negotiates $14.6 Million Office Portfolio Sale in Boston Suburbs
Canton/Dedham, MA - Jan. 9, 2014 - A Newmark Grubb Knight Frank (NGKF) team represented the seller and secured the buyer of a $14.55-million, four-building office portfolio in the Boston suburbs of Canton and Dedham, Massachusetts. The four buildings, two in each municipality, total 144,243 square feet.
The seller is Braintree-based developer and investor Campanelli, while Boston-based Jumbo Capital, a privately held commercial real estate firm, acquired the assets. The NGKF Capital Markets team out of Boston that negotiated the deal includes Executive Managing Director Leigh Freudenheim and Senior Managing Directors Anthony Biette and Taryn Wilson.
"Jumbo Capital is very excited to be able to acquire this four-property portfolio," said Jay Hirsch, principal of Jumbo Capital. "The properties offer us a solid, stabilized cash flow, with upside opportunity to create additional value in the near term. It has been rewarding working with our partners Alcion Ventures and Cambridge Savings Bank, while both Campanelli and Newmark Grubb Knight Frank teamed to make the transaction proceed seamlessly."
In Canton, the assets traded are 35 and 45 Shawmut Road, comprising 57,393 square feet and 64,963 square feet, respectively. They are each three-story office buildings whose tenants include municipal services, such as the Norfolk County Probate and Family Court House and the Norfolk County District Attorney.
The Dedham buildings include 55 Allied Drive, which houses the 16,936-square-foot Norfolk County Juvenile Courthouse, and the 4,951-square-foot 59 Allied Drive, which counts Life Support Systems, Inc., as its main tenant.
"There is a lot to like about this market," said NGKF's Mr. Freudenheim. "It is becoming a ‘live, play, work' environment that will increase property values in the area. Dedham's popular Legacy Place has become a retail/dining/entertainment destination, the 500,000-square-foot mixed-use University Station, in nearby Westwood, is about to commence construction and construction of a new outpatient center for New England Baptist Hospital is underway in Dedham."
Mr. Freudenheim also mentioned the large amount of corporate real estate owned in the area, including purchases by NStar, FM Global, National Amusements, Meditech, One Beacon and Reebok.
The transportation scenario for both locations is also favorable. In Canton and Dedham, the buildings are conveniently located close to Interstate 95/Route 128,within 10 minutes of Interstate 93, and approximately 30 minutes from Boston proper.
Established in 1947, Campanelli is a third generation, full-service commercial real estate development and acquisition company with extensive experience in the industrial, office, medical office, warehouse/distribution, retail, educational and cold storage markets. Campanelli began building homes during WWII and transitioned from residential to commercial real estate in the 1960's. The team, known for their seamless ability to work with their clients and act as the "real estate division" of a company, has developed 11 business parks in Massachusetts, over 20 million SF across the nation and provided international development consulting and site selection services. The company's signature capabilities include land development, design and build, redevelopment and value-added acquisitions. It is Campanelli's all-encompassing and quality services that have led to its successful track record as a highly-regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management. For more information, visit our new website at Campanelli.com.
About Jumbo Capital
Jumbo Capital has the ability to invest in all property types and focuses on small to medium size transactions in the greater Boston area. Jumbo Capital can take advantage of distressed and under-performing assets by investing in all levels of the capital stack including mezzanine loans and preferred equity positions. Led by principals with experience in acquisitions and finance, Jumbo Capital strives to deliver consistent risk-adjusted returns to its investors. See more at: email@example.com
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
SOURCE Newmark Grubb Knight Frank