Boston, MA (12/09/2016)
NGKF Capital Markets today announced that its Boston team, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher and Executive Managing Director Matthew Pullen, has overseen the transaction of $230+ million in industrial sales year-to-date. This figure represents more than one quarter of the total industrial sales volume in the Boston area over the same period, according to data from Real Capital Analytics. In total, NGKF Capital Markets' transactions encompassed 15 assets comprising 2.5 million square feet.
Among these transactions is the record for the largest single-property industrial sale in the Boston area year-to-date. NGKF Capital Markets sold Potpourri | Littleton, a 450,000-square-foot state-of-the-art build-to-suit facility that is fully leased to leading multi-brand retailer Potpourri Group, on behalf of Colony Capital for $39.75 million.
Additionally, NGKF Capital Markets orchestrated the highest price per-square-foot for an institutional Class A, multi-tenant industrial warehouse product in the market year-to-date. The team sold 275 John Hancock Road, a best-in-class, 238,846-square-foot high-bay industrial asset located in Taunton, on behalf of Exeter Property Group for $24.4 million, or $102 per square foot.
"Our exceptional performance in the Boston area serves as a prime example of NGKF Capital Markets' continued effort to expand our institutional presence for industrial property sales in key regions throughout the country," said Griffin. "Across the United States, NGKF Capital Markets has completed a total of 112 industrial sales encompassing 11 million square feet and valued at $1.15 billion year-to-date."
In Boston, NGKF Capital Markets' sales efforts are complemented by the industrial leasing prowess of Newmark Grubb Knight Frank Executive Managing Director J.R. McDonald, whose team has completed deals this year with major tenants including Amazon, Keurig and Petco.
"The combination of our dominant investment sales platform with on-the-ground leasing expertise and market knowledge allows our team to represent such clients as Colony Realty Partners, Exeter Property Group and James Campbell Company," said Pullen. "The Boston area has experienced strong industrial sales activity this year with first-class facilities in particularly high demand, and we fully expect our institutional-quality sales record to continue along its strong growth trajectory."
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.