Newmark Completes Sale of 34-50 Central Avenue in Wellesley, MA

BOSTON–Newmark introduced the sale of 34-50 Central Avenue, a set of three boutique mixed-use buildings situated within the Boston suburb of Wellesley, Massachusetts.

Newmark Co-Head of U.S. Capital Markets Robert Griffin and Managing Administrators Jonathan Martin and Paul Penman of the agency’s Boston Capital Markets Group represented the vendor, EDENS, and procured the client, Taymil Companions. Moreover, Newmark Vice Chairman David Douvadjian, Sr., Govt Managing Director Timothy O’Donnell and Senior Managing Director David Douvadjian, Jr. of the agency’s Boston Debt & Structured Finance Group organized financing on behalf of the client.

Totaling 40,860 sq. ft, 34-50 Central Avenue is presently 73% leased to a various tenant roster, together with attire manufacturers Lululemon and Faherty plus well being/health retailer Figurella, all of which not too long ago opened on website.

“34-50 Central Avenue affords an distinctive ‘Essential and Essential’ location within the coronary heart of downtown Wellesley,” mentioned Martin. “The downtown Wellesley retail market has benefited from sturdy leasing demand and absorption in recent times, boasting among the area’s highest leasing spreads and lowest emptiness charges.”

34-50 Central Avenue is prominently located on the nook of Central Avenue (Route 135), downtown Wellesley’s main thoroughfare, and Abbott Avenue. This locations the buildings only one block from the MBTA commuter rail’s Wellesley Sq. station and adjoining to a 113-space public car parking zone.

“The 34-50 Central Avenue sale generated a extremely aggressive bidding course of that included native, nationwide and international traders,” mentioned Penman. “The wide selection of debt choices that have been obtainable to patrons throughout this course of additional underscores the demand for high-quality retail actual property—a pattern that’s solely heightened in best-of-the-best markets like Wellesley.”

“We acquired important curiosity from lenders to offer acquisition financing for Taymil Companions,” added Douvadjian, Jr. “Boston continues to be one of many best-banked markets within the nation, particularly for transactions with high-quality sponsors and exceptionally well-located belongings corresponding to 34-50 Central Avenue.”

Newmark Senior Monetary Analyst Casey O’Brien supplied monetary evaluation assist for the transaction.

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