FRANKLIN, MA-Lexington-based Suffolk Advisors acquired Franklin Commerce Center, a 233,450-sf distribution center, for $16.3 million, or $69.82 per sf, from New Boston Fund Inc. It was an unsolicited bid, according to Jim Thomson, an executive director of the Boston office of Cushman & Wakefield and a member of the team that represented the seller. "Suffolk made a good offer," he says.
Thomson tells GlobeSt.com that Suffolk had a ready tenant, Cincinnati-based Dealer Tire, which was seeking 100,000 sf to relocate employees from a facility in Sharon and this building had a 100,000-sf vacancy. Dealer Tire will take occupancy to 100%. There are two other tenants in the building.
The facility is located on 17 acres at 20 Freedom Way in Franklin Industrial Park, which has an aggregate of approximately 4.5 million sf. Thomson says the average asking rental rate is between $6 per sf and $6.50 per sf.
Kevin Hanna, also an executive director in the C&W office, and directors JR McDonald and Doug Jacoby represented New Boston Fund. Senior directors Cathy Minnerly and JP Plunkett in the same office represented Suffolk.
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