1:00 PM
Newmark has successfully completed the $11.35 million sale of 122-130 Marshall Road in Lowell, Massachusetts to Catalyst Capital, a Los Angeles-based real estate investment and management firm specializing in U.S. government-leased properties. On behalf of JACO Realty, Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley and Senior Financial Analyst Casey O’Brien of Newmark’s Boston Capital Markets team - which is led by Co-Head of U.S. Capital Markets Robert Griffin - oversaw the transaction of the medical office building in conjunction with Senior Managing Director Andy Gallas and Managing Director Gino Tabbi of Newmark’s Chicago-based government properties team.
Totaling 38,401 square feet, 122-130 Marshall Road is fully leased to the United States Department of Veterans Affairs. The medical office building has served as a multi-disciplinary integrated care facility for the VA Boston Healthcare System since its original construction in 1993.
“130 Marshall Road is a mission-critical patient care facility for the VA Boston Healthcare System. Our client, a Florida-based private partnership, had been excellent stewards of the asset for over 20 years. We congratulate Catalyst Capital on this strategic acquisition,” said Greeley. “Interest in the asset was extremely strong from a variety of medical office and government property investors, both local and national. This facility is one of only a few standalone VA outpatient clinics in New England, and we are very pleased with the outcome of this sale process.”
122-130 Marshall Road is strategically located moments from the intersection of Route 3, Interstate 495 and the Lowell Connector. It is therefore well positioned to serve Middlesex County, which is home to Massachusetts’ largest veteran population.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.