Newmark Closes Sale of Chelmsford R&D/Office/Lab Building

Newmark arranged the $14.5-million sale of 2 Executive Dr., an R&D/office/lab building located in Chelmsford, MA. Co-head of U.S. capital markets Robert Griffin and Newmark’s Boston Capital Markets team of Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Joseph Alvarado and Casey Valente represented the seller, Foxfield, and procured the buyer, Rhino Capital.

The Boston Debt & Structured Financing team of David Douvadjian, Sr., Timothy O’Donnell, David Douvadjian, Jr. and Conor Reenstierna secured acquisition financing for the buyer from Bank Newport. Senior financial analysts Bobby Alvarado and Harrison Zucco and Financial Analyst Grady Zink provided financial analysis support.

The building comprises 113,880 square feet, fully triple-net leased to two tenants: industrial giant Rockwell Automation and semiconductor manufacturer Qorvo. “The ownership benefits from the building’s credit-rated tenancy, substantial interior fit-out improvements, as well as its strong positioning among a high-performing cluster,” said Hallowell. “This is underscored by the single-digit vacancy rate and double-digit rental rate growth over the past five years.”