Concord, MA NGKF Capital Markets has completed the sale of 300 Baker Ave. to Novaya Real Estate Ventures for $63.5 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 oversaw the transaction of the class A suburban asset on behalf of Normandy Real Estate Partners.
Additionally, NGKF Boston-based debt team led by executive managing director David Douvadjian and senior managing director Brian Butler oversaw financing for the transaction on behalf of Novaya. NGKF has also been retained by new ownership as the exclusive leasing agent for the property, with executive managing director Torin Taylor leading this effort.
“We are thrilled to be adding this best-in-class property to our portfolio,” said Novaya principal Peter Carbone. “300 Baker Ave.’s mix of high-quality tenants and first-class amenity package makes this asset the dominant property in Concord and within the surrounding market.”
Comprising a total of 413,415 s/f, 300 Baker Ave. has recently undergone substantial renovations including lobby, common area, amenity and building system upgrades. The property’s amenities include a cafeteria, fitness center, conference center and basketball and volleyball courts.
“300 Baker Ave. offers durable cash yields, anchored by a number of committed, long-term tenants – the building serves as the corporate headquarters for Avention, Lexia Learning Systems and Welch Foods as well as a key administrative, back office and outpatient center for Emerson Hospital,” said Pullen.
“Additionally, 300 Baker Avenue’s walkability to the MBTA commuter rail provides an exceptional competitive advantage for a suburban asset.”
In addition to the train, which offers express service to Downtown Boston, 300 Baker Avenue is within swift walking distance of West Concord’s plentiful shopping and dining amenities. Furthermore, the property is situated immediately off of Route 2A, providing access to many of Greater Boston’s most affluent bedroom communities via connections to Interstates 95 and 495. Finally, the property is surrounded by a host of perpetual demand drivers, including Emerson Hospital, Harvard Vanguard Medical Center and the new Residence Inn by Marriott, which opened directly adjacent to the subject property in October 2016.
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.
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes 13.2 million s/f of commercial assets, three hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, and Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements.
Novaya is an established owner/operator of investment real estate in the New England region. Having worked together as a team for over 30 years, executing hundreds of successful transactions through multiple real estate market cycles, Novaya’s Principals bring a unique set of skills, experience and local market insight to its investors.
