Newmark arranged the $32,150,000 sale of 485 Arsenal St., a flagship medical office complex located just west of Boston/Cambridge in Watertown, MA. The 52,847-square-foot asset, which is fully leased on a long-term basis to Atrius Health, traded from Boylston Properties and institutional investors advised by J.P. Morgan Asset Management to JLL Income Property Trust. Connect CRE reported JLL IPT’s acquisition of the property earlier this month.
A Newmark team led by co-head of U.S. Capital Markets Robert Griffin and senior managing Director Michael Greeley, along with executive managing director Frank Nelson and managing director Blake McLaughlin, represented the seller and procured the buyer. Additional members of Newmark U.S. Healthcare Capital Markets including Ben Appel, Jay Miele, John Nero and Justin Shepherd provided additional support.
“485 Arsenal St. features a long-term, absolute-net lease with the parent company of Atrius Health, providing investors with a unique opportunity to own a widely recognized multi-specialty center in the Boston market,” said Greeley. “The asset has served as a longstanding facility for Atrius Health, offering a full spectrum of clinical specialties under one roof and benefitting from an exceptional live-work-play location at Arsenal Yards in Watertown.”
In addition to advising ownership on the sale of the asset, Newmark represented Boylston Properties and institutional investors advised by J.P. Morgan Asset Management on the long-term lease renewal with Atrius Health.
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