Dealmaker: Newmark Completes $14M Office Sale in Burlington, Mass.

Newmark, New York, sold 328-330 Cambridge Street in Burlington, Mass., for $14.3 million.

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Senior Managing Director Michael Greeley and Associates Joseph Alvarado, George Demoulas and cof the firm’s Boston Capital Markets and Private Capital Groups represented the seller and procured the 1031 exchange buyer. Newmark Senior Managing Director Andy Gallas and Managing Director Gino Tabbi of the firm’s Government Capital Markets Team assisted with the transaction.

Completed in 2020, 328-330 Cambridge Street is a single-story, 21,000-square-foot office asset designed and constructed specifically to accommodate its sole tenant, the Commonwealth of Massachusetts’ Department of Children and Families.

Valente called 328-330 Cambridge Street an opportunity to acquire a government-leased asset with a true net lease structure. “The property was built-to-suit as a mission-critical location for the Department of Children and Families,” he said.

328-330 Cambridge Street sits adjacent to an MBTA bus stop and has 72 on-site parking spaces. The asset on Route 3A is less than five miles from the junction of Interstate 95 and Route 3.