Camber Development, GEM Realty Recapitalize Billerica R&D Park

Newmark arranged the $79-million recapitalization of Axis Park North, a six-building industrial R&D park located 30 miles northwest of Boston in Billerica, MA. 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 as well as Boston Industrial Capital Markets executive managing directors Tony Coskren and Brian Pinch, represented Camber Development and Wheelock Street Capital, and procured the buyer, GEM Realty Capital.

Totaling 450,000 square feet, Axis Park North is populated by users in the fields of clean tech, medical devices, life science and semiconductor and electronics manufacturing. During their ownership, Camber and Wheelock executed more than 270,000 square feet of leases.

“Axis Park North has been well leased and meticulously maintained by Camber Development, offering a pristine physical plant with minimal capital exposure,” said Tribble. “It further reports superior tenant tenure, driving its status as a historical top-performer in both occupancy and rent growth. This provides GEM Realty Capital, and Camber Development, with an attractive mix of durable cash flow and upside potential.”