Boston— NKF Capital Markets completed the sale of 29 Crafts Street in Newton, MA to Capasso Realty for $13.9 million.
Led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Associate Director Samantha Hallowell and Financial Analyst Christian Brannelly, the NKF Capital Markets Boston office, in conjunction with Newmark Knight Frank Senior Managing Director Drew Nelson, oversaw the transaction of the five-story office building on behalf of Chatham Investment.
Anchored by W.T. Rich Company, Steward Health Care System and Capital Advisors Group, 29 Crafts Street boasts a proven history of high occupancy and strong tenant retention. The 66,825-square-foot asset also features 190 on-site parking spaces.
“Combining stable in-place cash flow with tangible upside potential in a premier Boston suburb, 29 Crafts Street represented a compelling investment opportunity,” said Hallowell. “The asset’s substantial rental rate discount to Downtown Boston, walkable amenities and convenient commuter location generate consistent demand from a diverse tenant roster.”
29 Crafts Street is immediately accessible to Interstate 90 (Massachusetts Turnpike), providing a direct connection to Downtown Boston, and just three miles from Interstate 95 (Route 128). Additionally, an MBTA commuter rail station and a wealth of dining and convenience amenities are located within walking distance of the subject property.