Suffolk Closes on $20M Industrial Sale

FRANKLIN, MA-Seemingly reaping an impressive return, Suffolk Advisors LLC has quickly harvested another of its Massachusetts assets in the sale of a 233,000-sf distribution center here that the company acquired a year ago March. Having paid $16.3 million for the Franklin Commerce Center, Suffolk has now divested the property to TA Assoc. Realty of Boston for $20.3 million.

Located in the Franklin Industrial Park, the hulking building at 20 Freedom Way was developed jointly by the New Boston Fund and Condyne LLC. Opened in 2003, the facility has the features of a modern industrial operation, including ceilings with 40-foot clear heights, 34 loading docks and extensive fire and safety systems designed to National Fire Protection Assoc. 13 standards. Close proximity to Interstate 495, I-95 and the Massachusetts Turnpike is considered another strength of the building.

Calls to Suffolk at its Lexington headquarters and to TA Assoc. Realty were not returned by press deadline. The buyer is one of the country's most established real estate advisory firms, overseeing substantial property in New England and beyond.

In its five years of existence, Suffolk Advisors has been on its own active buying campaign, purchasing dozens of buildings and well over one million sf. Founded by Cigna Investments veteran Ivy Freedman, Suffolk Advisors has already completed a number of savvy turnarounds, including the 2005 sale of a Shrewsbury office property within six months of acquiring the asset. In that case, 334 South St. was purchased in a joint venture for $18 million before being flipped to Charles River Laboratories for $27.4 million.

Suffolk Advisors has been on both sides of the aisle this year, with recent purchases including 3 Oak Park Dr. in Bedford and two Lowell assets, 59 and 75 Technology Dr., acquired in August for $10.9 million.