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Newmark Capital Markets has successfully completed the sale of Blue Hills Medical Center in Braintree, Massachusetts to Novaya Real Estate Ventures for $11.55 million. On behalf of Jumbo Capital Management, Newmark Capital Markets Executive Managing Director Frank Nelson and Managing Director Michael Greeley of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the suburban Boston medical office building.
Located at 340 Wood Road, Blue Hills Medical Center encompasses 48,617 square feet of space. Presently 100 percent leased to 14 tenants, the asset is anchored by Milton Pediatrics, MassGeneral Hospital for Children and South Shore Hospital.
“Blue Hills Medical Center is one of the market’s most prominent multi-tenant medical office buildings, featuring high visibility at the ‘Braintree Split’ and situated within a zero-vacancy medical office corridor,” said Greeley. “We congratulate Novaya Real Estate Ventures on this strategic acquisition and Jumbo Capital Management for its successful repositioning of this asset.”
Blue Hills Medical Center is prominently positioned at the convergence of Interstate 93, Route 1 and Route 3 - known as the “Braintree Split” - and just moments from Interstate 95 (Route 128). A wealth of amenities, anchored by the 2.2 million square foot South Shore Plaza, surround the property.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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