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Newmark Completes $14M Sale of Government Net Leased Office in Burlington
Newmark has finalized $14.3 million sale of 328-330 Cambridge Street, a government-leased office building located in Burlington, MA, to a private 1031 exchange buyer.
Newmark’s Robert Griffin, Michael Greeley, Joseph Alvarado, George Demoulas and Casey Valente represented the developer/seller and procured the 1031 buyer. Andy Gallas and Gino Tabbi provided support on the transaction as well.
The 2020-completed property is a single-story, 21,000-square-foot asset that was designed and constructed specifically to accommodate its sole tenant, the Commonwealth of Massachusetts’ Department of Children and Families.
“328-330 Cambridge Street presented an extremely rare opportunity to acquire a government-leased asset that features a true net lease structure,” said Valente. “The property was built-to-suit as a mission-critical location for DCF.” The building is situated adjacent to an MBTA bus stop and features 72 on-site parking spaces. The asset is positioned along Route 3A and less than five miles from the junction of Interstate 95 and Route 3.
- ◦Sale/Acquisition
