HFF closes $8.85 million sale of Newmarket Center in Boston
BOSTON, MA – May 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $8.85 million sale of Newmarket Center, a 55,000-square-foot, brick and beam office building located at 67 Kemble Street in Boston’s Roxbury submarket.
HFF arranged the sale of the property on behalf of the seller, DDJB Real Estate Holdings, LLC, and procured the buyer, The Winhall Companies, on an off-market basis. Urban Core Development redeveloped the property and served as its manager.
Newmarket Center was originally built in the 1880s to house one of the area’s premier blacksmith shops, which operated until the 1930s. After sitting vacant for some time, the building was again occupied in the 1940s by Newmarket Wool and operated as a wool storage and sorting warehouse for roughly 50 years. After the wool trade diminished in Boston, the building ultimately ended up vacant and abandoned during the late 1990s. Urban Core Development brought the building back to life by redeveloping the former warehouse into an innovative and creative loft-style office building during 2014-2015. Newmarket Center is situated in Boston’s Roxbury submarket about one-half mile from the Newmarket commuter rail station and South Bay Center.
The HFF investment sales team representing the seller was led by Ben Sayles and Adam Dunn.
“67 Kemble is a terrific asset that simply couldn’t be replicated today,” said Sayles. “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.”
About Urban Core Development
Urban Core Development specializes in the acquisition and redevelopment of unrestored and unoccupied brownstones, transformative adaptive reuse projects, historically sensitive restorations, and ground up construction projects in the emerging areas of Boston's core markets.
About The Winall Companies
The Winhall Companies, LLC owns and manages historical Boston multi-tenant office buildings; and develops, owns, and manages assets in Boston suburban markets. The company was founded in 1974 and is based in Boston, Massachusetts.
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.