Newmark arranges $84.5 million financing and sale of Keurig Dr Pepper HQ campus

Burlington, MA Newmark has arranged the $84.5 million sale and financing of 53 & 63 South Ave. – a two-building, 431,233 s/f office and R&D/manufacturing campus occupied by Keurig Dr Pepper. 

Newmark co-head of U.S. Capital Markets Robert Griffin, along with 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, Peakstone Realty Trust, and procured the buyer, Montana Avenue Capital Partners.

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 arranged acquisition financing on behalf of the buyer.

“53 & 63 South Ave. are among the marquee office and advanced R&D/manufacturing assets in the market,” said Tribble. “Both buildings were initially built-to-suit for Keurig Dr Pepper’s predecessor in 2014 and will continue to host the headquarters of its coffee business, which is slated to become a standalone company following its planned split into separate coffee and refreshment beverage giants.”

53 South Ave. is a 280,560 s/f office building and 63 South Ave. is a 150,673 s/f R&D/manufacturing facility. Both assets feature high-quality infrastructure, highway accessibility at the junction of Rte. 3 and I-95 and a prominent location.

Newmark executive managing director Tyler McGrail provided local leasing expertise for the transaction, and senior financial analyst Nickolas Revers and financial analysts Grady Zink and Harrison Zucco provided analytical support.