"This joint venture combines industry leading experience throughDJM Realty's expertise in remarketing these properties to relevantbuyers and Sheldon Good's cutting-edge auction capabilities," saysDJM principal Mark Dufton. "We anticipate a very successful auctionof these mixed-use properties."

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Sheldon Good & Co. CEO Steven Good reports that the234,000-sf Rhode Island complex is attractive for continued use asa cold storage warehouse. Situated on 76 acres, the property hasexisting state-of-the-art freezer and refrigeration systems, aswell as a dry warehouse application. It is located at 2700Plainfield Pike or Route 14, offering quick access to majorsouthern New England roadways, Downtown Providence, and the growingT.F. Green Airport. Zoning is M-2 to allow manufacturing, and Goodsays there is potential expansion of up to 125,000 sf.

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The Southborough property at 1 Harvest Lane is more of aredevelopment play, according to Steven Good. The main parcel is 22acres, 17 of which are zoned industrial and the remainder allowingresidential. An adjacent 13 acres could support additionalresidential construction. The rail-serviced property's mainwarehouse has about 130,000 sf and several loading docks, whilethere is also a 7,500-sf truck garage, plus a 2,700-sf residentialbuilding on the site.

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DJM and Sheldon Good & Co. are now scheduling propertyinspection tours for interested bidders, who must have theirproposals in by 4 pm central time on Feb. 27 accompanied by 5% ofthe total purchase offer. Allied has set a reserve price of $7.7million for the Cranston facility and $4.4 million for itsSouthborough plant, meaning that the firm is obligated to divestthe properties to individuals with conforming bids at or abovethose figures.

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A Gordon Brothers company, DJM Realty specializes in bothacquisitions and dispositions of real estate, as well as capitalsolutions and valuations. The New York City-based firm has officesin Boston, Chicago and Los Angeles and represents such companies asBorders, CVS, Pep Boys, Toys R Us and Wal Mart. Headquartered inChicago, Sheldon Good & Co. also has a broad platform whose $9billion in aggregate sales puts it among the nation's top realestate auction firms.

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