Newmark arranged the $11.5-million sale of 1 Executive Dr., an R&D, office and electronic laboratory building in Chelmsford, MA. Co-Head of U.S. Capital Markets Robert Griffin, Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper represented the seller, Foxfield, and procured the buyer, Rhino Capital Advisors LLC.
Arranging acquisition financing for Rhino Capital were Newmark Boston Debt & Structured Finance Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr. and Associate Directors Bobby Alvarado and Conor Reenstierna.
“1 Executive Dr. benefits from investment-grade anchor tenancy and tangible value-add upside via the lease-up of its remaining availability,” said Hallowell. “It further enjoys exceptional positioning in a high-performing flex/R&D cluster with a single-digit vacancy rate, recent double-digit rental rate growth and robust tenant demand.”
Totaling 112,440 square feet, 1 Executive Dr. is 87% leased to five tenants, including two anchors: Spectro Scientific, a business unit of a global industrial technology firm AMETEK; and Qorvo, a leading semiconductor manufacturer.
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