Boston’s Newmarket Center Trades for $9M
- May 18, 2017
DDJB Real Estate Holdings LLC, an entity affiliated with real estate developer Urban Core Development, announced the off-market sale of Newmarket Center, located at 67 Kemble St. in Boston, for a reported $8.85 million. The buyer was real estate developer The Winhall Cos., a firm that specializes in the acquisition and management of historical Boston multi-tenant office buildings. HFF’s Ben Sayles and Adam Dunn represented the seller in the transaction, which was financed by a $4.8 million acquisition loan provided by Country Bank for Savings.
Erected in 1880, the building first served as a blacksmith shop in Boston’s industrial district, then as a wool storage and sorting warehouse until 1990, when it was abandoned. Urban Core acquired it in 2013 for $1.27 million and redeveloped it, together with Vanko Studio Architects, into a creative, loft-style office building between 2014 and 2016.
The 55,000-square-foot, brick-and-beam construction comprises 23 individual office suites, ranging from 500 to 2,400 square feet. The building features new HVAC and elevators, a lounge and a fully equipped kitchen. It also includes a 22,500–square-foot parking lot with 74 parking spaces. Located in Boston’s Roxbury submarket, it is close to Newmarket rail station and South Bay Center, and it is a short drive away from Downtown Boston and Interstates 90 and 93.
“67 Kemble is a terrific asset that simply couldn’t be replicated today,” Sayles said in a prepared statement. “Newmarket might be one of the city’s best-kept secrets—there is so much exciting activity in the submarket. We expect to see significant investment activity going forward.”
Image courtesy of Urban Core Development