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Taymil Partners and Novaya Residential Acquire Three Multifamily Apartment Buildings in Downtown Beverly, Massachusetts

Taymil Partners and Novaya Residential Acquire Three Multifamily Apartment Buildings in Downtown Beverly, Massachusetts 1950 1228 Novaya Ventures

BOSTON – Taymil Partners and Novaya Residential announce the acquisition of three multifamily apartment complexes in Beverly, Massachusetts. The three properties are located at 375 Rantoul Street, 79 Rantoul Street and 50 Broadway. Collectively, the portfolio is comprised of 128 units totaling approximately 93,059 square feet, with 113 parking spaces and one street level retail storefront. The transaction was brokered by Chris Phaneuf and Adam Dunn at JLL.

Taymil Partners Founder & CEO, Steve Astrove said, ”We are thrilled to team up again with Novaya and to expand our multifamily presence North of Boston to Beverly.”

Novaya Residential Principal, Karl Trieschman commented, “We are extremely excited to partner with Steve and his team on this acquisition. With excellent access to Boston via the commuter rail and an abundance of amenities, downtown Beverly continues to transform into one of the most dynamic markets on the North Shore.”

CBRE Brokers $151M AIG, Novaya Flex Sale

CBRE Brokers $151M AIG, Novaya Flex Sale 2560 1920 Novaya Ventures

Via RealReporter

March 24, 2021 — By Joe Clements
WILMINGTON — They were not quite gone in 60 seconds, but AIG Global and Novaya Real Estate Partners have realized a speedy payday from their joint venture which has harvested a 700,000-sf flex/industrial portfolio for $151.8 million to BentallGreenOak via CBRE Capital Markets, the deal coming less than two years after its sellers acquired the holdings which are scattered between Billerica and Wilmington and into southern New Hampshire. Bank of America loaned $90.5 million to facilitate BGO’s continued foray into the regional industrial arena after spending $43.1 million earlier this month in Mansfield’s Cabot Industrial Park for a seven-building assemblage purchased in a joint venture with The Seyon Group. BGO separately bought another Novaya-held building in Hudson, NH, to end 2020, that a 215,000-sf warehouse withclear heights to 32 feet.

AIG/Novaya’s venture initially took nearly six months to purchase its nine-building portfolio, a delay made at the behest of its prior steward, a family-owned group needing to craft an exit strategy from long-held buildings at 16, 18 and 29 Esquire Rd. in Billerica, plus four properties on Research Drive in Wilmington and a two-building development in Londonderry, NH. The Granite State CRE at 34 Londonderry Rd. traded in the waning days of 2018 followed in January 2019 by the Billerica closings. AIG and Novaya finalized its purchase in June 2019 with the Wilmington flex buildings at 200, 500, 600 and 800 Research Dr., those brick-faced structures comprising over 450,000 sf of the portfolio.

The holdup did not faze the AIG/Novaya efforts, however, with founding principal Peter Carbone III explaining “a perfect storm” of events coalesced to make stabilization of the package proceed smoother than that generally found for an investment, especially one as substantial and with multiple fronts to juggle. “It is one of the largest and most complex we have handled,” Carbone recounts while confirming it proved among the quickest endeavors his firm has processed as its 10th anniversary is celebrated, a stretch during which time Novaya has demonstrated a turnaround strategy often ahead of the standard CRE hold period of between five and seven years. Even though about half of the period owning the cross-border portfolio it has now divested came with the Covid-19 crisis roaming the New England landscape, Carbone says the landlords found a receptive tenant audience which led to over 300,000 sf of new leases or renewals inked across the portfolio to where there is now just one block of about 35,000 sf remaining before 100 percent occupancy, and that space on Research Drive has a letter of intent out that would complete the tenant roster. In Londonderry, for example, AIG/Novaya renewed paper company Lindenmeyr Munroe for all 62,000 sf in one building and filled the second similarly sized property between a trio of firms. In Wilmington, robotics and
software firm Symbotic renewed at 200 Research Dr. for over 60,000 sf through 2025, while Applied Physical Sciences Corp. signed a new lease there for 30,000 sf to 2026 and another commitment was secured with Universal Floors Inc. in that property that is comprised of 151,000 sf.


“It really was a perfect storm of events that came together at the right time,” Carbone recounts in noting sticker-shocked tenants have been pushed out of the Boston and Cambridge markets seeking alternatives with features such as high ceilings, efficient floor plates and the ability to accommodate multiple functions such as light manufacturing. Growing sectors such as e-commerce and life sciences have increasingly turned to flex buildings, he explains, and that has caught the attention of CRE investors further spurred by record low interest rates and pandemic-related struggles for traditional asset classes such as hotels,
office and retail. AIG and Novaya also made capital improvements to the portfolio such as new roofs and HVAC upgrades that stoked even more activity from both the tenant and investor communities, he outlines. The climate was so heated the owners instructed CBRE to identify a “targeted group” of capable suitors versus conducting the typical broad-based campaign and ultimately found bidders willing to deliver “what we had thought its value should be,” Carbone recounts in praising the brokerage group for its efforts, that team’s leadership including Executive VPs Scott Dragos, Douglas Jacoby and Christopher Skeffington.
“They did a great job,” Carbone says of the contingent that also includes First VPs Anthony Hayes, Timothy Mulhall, Roy Sandeman and Vice President Daniel Hines. That squad is well-versed on the regional flex/industrial arena, and particularly Wilmington where CBRE processed nearly $1 billion in 2020 sales for a variety of well-known landlords cashing out on the sudden appetite for that product type.

Carbone also offered kudos to BentallGreenOak for its execution of the agreement. “I congratulate them for doing what it took to get the deal done,” he says, adding further confidence was established from the earlier agreement on the Hudson building at 36 Executive Dr. “They are very good to work with.” The largest trade in the mix was for 200 Research Dr. which parlayed its robust leasing activity to sell for an even $40 million, while the 108,500-sf building at 500 Research Dr. fetched $29 million and 600 Research Dr. went for $24.7 million. The overall sales price of $151.8 million amounts to $216 per sf.


AIG/Novaya had spent $81 million to acquire the portfolio, or $115 per sf. As indicated, Novaya has shown an ability to reposition its CRE investments in an especially timely manner, with other recent examples including the turnaround of 300 Baker Ave. in Concord a year ago next month for $74.5 million after buying it in December 2016 for $64.5 million. The firm paid $4.5 million in March 2016 for One Tech Drive in Andover and had it out the door by Sept. 2019 for $8.2 million while its 55 Technology Dr. asset in Lowell began with a $7.5 million purchase in March 2017 and concluded exactly three years later next week when it brought $12.9 million in the final week of March 2020.


Besides Carbone, Novaya founding Principals are James M. Alden, R. Scott Tully and Jeffrey Theobald. With the latest initiative completed, Carbone says Novaya continues to scope out additional opportunities in the flex/industrial realm from Greater Boston to the New Jersey/Philadelphia area where it has been active for several years but is also eyeing other asset classes it sees upside in such as multifamily properties including value-add investments. “We expect to be busy this year,” he tells Real Reporter regarding the acquisition’s activity.

Novaya Foxfield Industrial Launches King of Prussia Logistics Hub Development

Novaya Foxfield Industrial Launches King of Prussia Logistics Hub Development 391 228 Novaya Ventures

Novaya Foxfield Industrial is excited to formally launch the King of Prussia Logistics Hub! The 331,525 SF Class A industrial/distribution project is located 15 miles from center Philadelphia at the intersection of I-76 and I-476 and will deliver in Fall 2021.

NOVAYA FOXFIELD INDUSTRIAL COMPLETES SALE OF SEVEN-ASSET NEW JERSEY PORTFOLIO

NOVAYA FOXFIELD INDUSTRIAL COMPLETES SALE OF SEVEN-ASSET NEW JERSEY PORTFOLIO 572 574 Novaya Ventures

April 10, 2020– Novaya Foxfield Industrial, in conjunction with Drake Real Estate Partners, completed the sale of seven industrial assets. The portfolio consisted of 553,579 SF located in Mount Laurel, Delran and Swedesboro, NJ and was approximately 90% leased at the time of sale.  The partnership continues to own three Class A assets located at 301 Grove Road, West Deptford, NJ and 1405 & 1473 Zeager Road, Elizabethtown, PA. 

Brad Ruppel, Michael Hines, Brian Fiumara, and Lauren Dawicki of CBRE National Partners represented the partnership on the sale of the assets. 

Novaya Principal, Jeff Theobald, commented “We are pleased to achieve a great outcome for our investors, especially given the challenges posed by the COVID-19 Pandemic. We added substantial value to the portfolio during our hold period through a combination of leasing and building upgrades, which is reflected in the sale.”   

Foxfield Principal, Jeff Harper, notes “We were early to recognize Southern New Jersey’s increasing importance to the regional supply chain. At the time, vacancy was also being under-valued on a relative basis in the market. We were fortunate to execute on our strategy through off-market purchases of each of these assets. The portfolio’s success is the result of great execution from our team, leasing tailwinds from e-commerce, and an influx of institutional equity to both light industrial product and the Southern New Jersey region. Congratulations to our team and our partners.”    

The sale of the southern New Jersey portfolio marks Novaya’s third successful disposition in the previous month, totaling over $130mm of value and over 1 million square feet of real estate. The other assets sold were 55 Technology Drive in Lowell, MA, which sold to Legacy Real Estate Ventures on March 27th and 300 Baker Ave, Concord, MA sold to Taurus Investment Holdings on April 15th. 

Novaya Sells Concord Office Building For $75M

Novaya Sells Concord Office Building For $75M 651 441 Novaya Ventures

Taurus Investment Holdings paid $74.5M for a 410K SF office building in Concord.

Boston-based Taurus bought the property at 300 Baker Ave. from Novaya Real Estate Ventures. The property is 92.3% occupied by 13 tenants, including Emerson Hospital, Welch’s Foods Inc. and Lexia Learning. Novaya bought the building from Normandy Real Estate Partners in 2017 for $63.5M.

“We are pleased to have closed on this transaction during this time of unprecedented challenge. I am proud of our team for their diligent work in bringing this to the finish line,” Taurus CEO Peter A. Merrigan said in a statement. “We continue to actively pursue defensible and opportunistic acquisitions like 300 Baker despite the turbulent economic environment.”

Taurus announced the three-story building off Route 2 will be the flagship property of RENU Communities, a Taurus subsidiary Merrigan said is tasked with making the building into a carbon-neutral, energy-efficient property.

“300 Baker was acquired with the objective of retrofitting the property through service and energy solutions provided by RENU to maximize efficiencies in alignment with the emerging industry of environmentally conscious real estate,” Merrigan said. 

Newmark Knight Frank brokered the deal, while MetLife provided debt financing for the acquisition.

Novaya has been an active seller in Massachusetts, disposing at the end of March of a fully leased 89K SF office and flex space building in Lowell it acquired in 2012. Novaya has also been on the buying side recently, snapping up a nearly 300K SF lab and research and development facility in Westford in February for $31.5M.

Read more at: https://www.bisnow.com/boston/news/office/taurus-acquires-concord-office-building-for-745m-103960?utm_source=CopyShare&utm_medium=Browser

NOVAYA & LEGACY REAL ESTATE VENTURES COMPLETE THE SALE OF 55 TECHNOLOGY DRIVE

NOVAYA & LEGACY REAL ESTATE VENTURES COMPLETE THE SALE OF 55 TECHNOLOGY DRIVE 482 313 Novaya Ventures

A joint venture between Novaya Real Estate Ventures, LLC and Hawk Properties has completed the sale of 55 Technology Drive in Lowell, Massachusetts to Legacy Real Estate Ventures.  The property consists of an 89,004 square foot, two story office and flex building.   The property is 100% leased to Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, Contract Logix and Diagnosys.  All of the tenant spaces have been renovated since Novaya first purchased the property in 2012. 

Novaya Principal, Peter Carbone, commented, “We are very encouraged that real estate deals are getting done during what has quickly become a challenging economic environment.  We would like to thank Michael and Jen Price, for their hard work and commitment to completing this purchase.  This property has performed well for us for the past several years, and we expect similar results for Michael and his team.”

Michael Price added, “Peter and I made a commitment based on our longstanding relationship to make sure this deal closed, even given these exceptional times and challenges. 55 Tech Drive is a well-located property with a very stable mix of core tenants.  Given the quality of tenancy and level of maintenance performed by Novaya over the years, we expect this to be a solid investment for years to come. ”      

The deal was financed with debt provided to Legacy by Woodman’s of the World, through Northmarq Capital, and was brokered by Anthony Biette, of Peak Real Estate Partners. The property will be managed by Legacy affiliate Eastport Real Estate Services. 

About Novaya:Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully.   Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion. Novaya’s assets are primarily located in the New England and Philadelphia, PA markets.  

About Hawk: Headquartered in Boston, MA, Hawk Properties (https://www.hawkpropertiesllc.com/) invests in real estate opportunities around the Northeast region. Their efforts are focused across multiple residential and commercial property types where capital improvements or operational efficiencies can increase the value of the property. 

About Legacy: Legacy Real Estate Ventures (www.legacyrev.com) recently relocated to Boston with expanded management. Legacy owns 17 office, medical and flex properties throughout Massachusetts and in the Providence and Philadelphia markets.

About Peak Real Estate Partners:Peak Real Estate Partners  (www.peakrepartners.com) was founded in 2017 by Anthony Biette.   Peak is a boutique real estate brokerage firm with specializing in investment properties in the small and middle capital markets in the Greater Boston region. Our goal is to combine three decades of experience with an obsessive focus on communication and collaboration to drive positive outcomes for sellers and buyers of commercial real estate.

Novaya Picks Up Westford R&D Space Leased to Nokia

Novaya Picks Up Westford R&D Space Leased to Nokia 745 463 Novaya Ventures

CBRE arranged the sale of 1 Robbins Rd., a 298,237-square-foot lab and R&D facility in Westford, MA. The property traded for $31,500,000 to Novaya Real Estate Ventures.

A Boston-based CBRE Capital Markets team of Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Anthony Hayes, Timothy Mulhall and Daniel Hines represented the seller and procured the buyer.

Additionally, CBRE’s Debt & Equity team secured debt financing for the buyer, Novaya Real Estate Ventures. The team includes Heather Brown, Andrew Stone, Rob Borden and Kyle Juszczyszyn.

1 Robbins Rd. is 100% leased to Nokia of America Corporation. With substantial tenant build-out, the property has been utilized as a mission-critical facility for Nokia, and its predecessors, since the mid-1990s. Located 1.8 miles from Interstate 495, the property provides convenient access to Greater Boston’s highway systems and major population centers.

NKF Orchestrates $26 Million Sale of 6 Technology Drive in Andover, MA

NKF Orchestrates $26 Million Sale of 6 Technology Drive in Andover, MA 642 472 Novaya Ventures

Novaya Real Estate Ventures and Wheelock Street Capital Sell Flex/Manufacturing Building

Boston, MA (January XX, 2020) — Newmark Knight Frank (NKF) announced today the successful completion of the$26 million sale of 6 Technology Drive in Andover, Massachusetts on behalf of Novaya Real Estate Ventures and Wheelock Street Capital. Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the flex/manufacturing building in conjunction with NKF Executive Managing Director Torin Taylor. 

Totaling 128,400 square feet, 6 Technology Drive is fully leased to Dräger Medical Systems, a division of leading global medical and

safety technology company Dräger, as its North American headquarters and one of its seven global development sites. 

“6 Technology Drive has served as a mission-critical facility for Dräger Medical Systems for nearly 15 years,” said Pullen. “The tenant is currently undertaking a full modernization of the property including office, common area, amenity, exterior/entryway and base building upgrades.”

6 Technology Drive benefits from strategic positioning directly off Interstate 93, moments from Interstate 495 and five miles from the New Hampshire border in Boston’s northern suburbs. The property is located within Andover Tech Center, a three-building business complex, and surrounded by a wealth of leading technology, life science and medical device manufacturing firms. 

About Novaya Real Estate Ventures

Novaya Real Estate Ventures (www.novayaventures.com) was founded in 2011 by Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully. To date, Novaya has transacted on over 9 million square feet of industrial, flex, office, residential and urban retail product with gross asset value in excess of $1 billion in partnership with several of the premier institutional and family office investors worldwide.

About Wheelock Street Capital

Wheelock Street Capital (www.wheelockst.com) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with 30 years of broad real estate transaction experience across all major asset classes. Wheelock has raised over $3 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities throughout the United States, in both public and private markets. The firm may invest directly or with high-quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings and recapitalizations. Wheelock’s investment team benefits from extensive experience from top-tier institutional investment firms and highly regarded real estate operating companies and has produced a 10-year track record of demonstrated and consistent outperformance over industry benchmarks.

About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.