LEOMINSTER, MA-The off-market sale of a 157,000-sf, class A warehouse and manufacturing building netted the seller $7.35 million. It gives the buyer a fully leased property with a national tenant.
The 12-acre 248 Industrial Rd. building wasn't on the market when Cushman & Wakefield's executive director Jim Thomson approached Stoughton-based Conroy Development Corp. with an offer from Calare Properties. The Hudson-based REIT, which has more than one million sf of industrial and office properties in New England, was in the market for a well-placed asset with a long-term tenant, he tells GlobeSt.com.
With long-time tenant Masonite International Holdings in place as the building's only occupant and a seven-year lease, the buyer says the property fit the bill. More than $1.5 million in recent improvements by the tenant sweetened the deal. "We liked the property but we really liked the tenant," Bill Manley, president of Calare Properties, tells GlobeSt.com. Thomson, along with Cushman & Wakefield director Doug Jacoby negotiated the transaction for buyer and procured the seller.
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