$100M Industrial Portfolio Among $200M Rolled Out By NewmarkApril 05, 2018 — By Joe Clements
BOSTON—The Newmark Capital Markets team’s annual Top of the Market Program being held here today at the Intercontinental Hotel is reportedly going to highlight one of the CRE sector’s most unlikely superstar these days—industrial real estate—with new exclusives totaling upwards of $200 million expected to be rolled out before a large audience of invited guests during a mid-day presentation.
Headlining the surge of activity are four suburban buildings owned by NorthBridge Partners that alone could bring upwards of $100 million, market watchers are claiming, though no official announcement was forthcoming as of press deadline. The buildings include 100 Adams Rd. in Clinton and 192 Mansfield Ave. in Norton, with the total square footage in excess of one million sf. Observers anticipate plenty of interest.
“Everybody wants to be in that space today—and there is no end in sight,” maintains a CRE professional tracking the trend that has taken hold regionally the past three years as a lack of modern supply coupled with increased demand from divergent areas has fomented rising rents after decades of stagnation while the Internet’s clamor for “last-mile” warehouses is further stoking the flames, observers explain.
The Newmark Capital Markets team lis led by Robert E. Griffin Jr., Edward C. Maher Jr. and Matthew E. Pullen. NorthBridge Partners is the homegrown firm founded by Dean W. Atkins and Greg Lauze who recently brought on new partner Owen Hall via a merger; they are headquartered in Wakefield.
Calls to NorthBridge and Newmark were not returned by press deadline. The effort is supposedly featuring Newmark industrial experts Ed Jarosz and Richard Schuhwerk, who recently joined the firm to enhance the Capital Markets platform that has a deep history of industrial activity in the inner suburbs and beyond.
NorthBridge has 100 Adams Rd. in Clinton on the block, a 345,000-sf facility bought in November for $20.4 million, or $59 per sf, whereas 192 Mansfield Ave. in Norton was acquired in Nov. 2016 at a per-sf rate of $84 for 348,000 sf, or $29.3 million. In Brockton, 525 Campanelli Industrial Dr. is up for sale as well, that 300,000-sf building purchased in June 2017 for $11.4 million, or $38 per sf. The other asset is in Brockton, too; apparel maker Twins Enterprises is a tenant in the space in the city of Champions.Edward Maher Matthew Pullen Robert Griffin