Normandy Real Estate Partners Sells 300 Baker Avenue to Novaya Real Estate Ventures
Concord, MA – NGKF Capital Markets has successfully completed the sale of 300 Baker Avenue in Concord, Massachusetts to Novaya Real Estate Ventures for $63.5 million. The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Associate Director Samantha Hallowell oversaw the transaction of the Class A suburban asset on behalf of Normandy Real Estate Partners.
Additionally, Newmark Grubb Knight Frank’s (NGKF) Boston-based debt team led by Executive Managing Director David Douvadjian and Senior Managing Director Brian Butler oversaw financing for the transaction on behalf of Novaya Real Estate Ventures. NGKF has also been retained by new ownership as the exclusive leasing agent for the property, with Executive Managing Director Torin Taylor leading this effort.
“We are thrilled to be adding this best-in-class property to our portfolio,” said Novaya principal Peter Carbone. “300 Baker Avenue’s mix of high-quality tenants and first-class amenity package makes this asset the dominant property in Concord and within the surrounding market.”
Comprising a total of 413,415 square feet, 300 Baker Avenue has recently undergone substantial renovations including first-class lobby, common area, amenity and building system upgrades. The property’s headquarters-quality amenities include a full-service cafeteria, fitness center, conference center and basketball and volleyball courts.
“300 Baker Avenue offers durable cash yields, anchored by a number of committed, long-term tenants – the building serves as the corporate headquarters for Avention, Lexia Learning Systems and Welch Foods as well as a key administrative, back office and outpatient center for Emerson Hospital,” said NGKF’s Pullen. “Additionally, 300 Baker Avenue’s walkability to the MBTA commuter rail provides an exceptional competitive advantage for a suburban asset.”
In addition to the train, which offers express service to Downtown Boston, 300 Baker Avenue is within swift walking distance of West Concord’s plentiful shopping and dining amenities. Furthermore, the property is situated immediately off of Route 2A, providing access to many of Greater Boston’s most affluent bedroom communities via connections to Interstates 95 and 495. Finally, the property is surrounded by a host of perpetual demand drivers, including Emerson Hospital, Harvard Vanguard Medical Center and the new Residence Inn by Marriott, which opened directly adjacent to the subject property in October 2016.