Boston — Newmark announced the sale of 100 Rustcraft Road, a flex, R&D and laboratory asset located in the suburban Boston community of Dedham, MA.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller, RJ Kelly and Independencia Asset Management, and procured the buyer, Invesco Real Estate, a global real estate investment manager.
Totaling 422,117 square feet, 100 Rustcraft Road is presently 100% leased to a diverse rent roll anchored by General Dynamics and the American Red Cross. The asset features highly desirable and reusable infrastructure including multiple entrances, loading docks and drive-in doors plus 13’ to 26’ clear heights and abundant parking capacity.
“As a single-story building with flexible infrastructure on a 53-acre site just 20 miles outside of Boston, 100 Rustcraft Road is an irreplaceable asset with exceptional functionality for a variety of uses,” said Pullen. “The asset is well positioned to benefit from the region’s favorable flex sector fundamentals as R&D, life science and industrial tenant requirements continue to converge.”
100 Rustcraft Road is located directly behind an expansive mixed-use complex known as Legacy Place, off the coveted Interstate 95/Route 128 highway corridor and along an MBTA commuter rail route offering direct access to Boston.
Newmark Senior Financial Analyst William Sleeper provided financial analysis support for the transaction.