Malcolm Davies will join Jonathan Lee and Shahin Yazdi to lead the day-to-day strategy and operations for the firm.

"I see continued movements from other states with income taxes. I also see continued growth in warehouse space and in one to four family housing."

Newport acquired a class-A asset with plans to add value by leasing up the remaining vacancy and developing the final shovel-ready 25,500-square-foot residential building which includes 30 additional units.

Klee, who held several executive positions at GE, served as GE's vice president of Boston development and operations and led the search for GE's new headquarters and eventual move from Fairfield, CT to Boston.