New NKF office racks up the deals

Real Estate Weekly,  July 11, 2007  

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BOSTON: During its first month of operation, members of Newmark Knight Frank's new Boston location have already closed the office's first two transactions with the recent investment sales of suburban warehouse and office properties.

Managing principal James Thomson, along with managing director Douglas Jacoby and associate director Daniel Collins, represented a single-purpose entity controlled by Stoughton, Mass.-based developer/ investor Conroy Development Corp. in its sale of 57 Littlefield St., a 405,628 s/f warehouse located on 18.5 acres off Mass. Rte. 24 in Avon, approximately 20 miles south of Boston.

Formerly a Reebok warehouse, the facility is currently tenanted by Excel Logistics, Record Keeper, Walsh Movers, Adams Media, and Polar Beverages. It was sold for $20 million to Hudson-based manager/ operator Calare Properties, which was represented internally in the transaction.

In a second transaction, the Newmark Knight Frank trio represented another Conroy entity in the $4 million sale of 23 Crosby Drive, a 55,610-square-foot office building located on 4.2 acres off U.S. Rte. 3 in Bedford, approximately 20 miles northwest of Boston.

Formerly occupied by Eastman Kodak, the building has a current tenant roster that includes Touchcom, Starkey Laboratories, and Caliper Systems. The buyer, Lexington, Mass.-based Marley Properties, represented itself in the transaction.

Together, Jacoby notes, "The transactions are reflective of the truly white-hot real estate investment market we are currently enjoying both nationally and in the Boston metropolitan area."

Newmark Knight Frank is one of the largest independent real estate service firms in the world.

COPYRIGHT 2007 Hagedorn Publication
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