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SOUTHBOROUGH, MA-Continuing to consolidate regional operations into northern Massachusetts, Allied Cold Storage has retained DJM Realty Inc. and Sheldon Good & Co. to divest a pair of excess New England facilities via the auction route. The sealed-bid initiative has a Feb. 27 deadline.

“This joint venture combines industry leading experience through DJM Realty’s expertise in remarketing these properties to relevant buyers and Sheldon Good’s cutting-edge auction capabilities,” says DJM principal Mark Dufton. “We anticipate a very successful auction of these mixed-use properties.”

Sheldon Good & Co. CEO Steven Good reports that the 234,000-sf Rhode Island complex is attractive for continued use as a cold storage warehouse. Situated on 76 acres, the property has existing state-of-the-art freezer and refrigeration systems, as well as a dry warehouse application. It is located at 2700 Plainfield Pike or Route 14, offering quick access to major southern New England roadways, Downtown Providence, and the growing T.F. Green Airport. Zoning is M-2 to allow manufacturing, and Good says there is potential expansion of up to 125,000 sf.

The Southborough property at 1 Harvest Lane is more of a redevelopment play, according to Steven Good. The main parcel is 22 acres, 17 of which are zoned industrial and the remainder allowing residential. An adjacent 13 acres could support additional residential construction. The rail-serviced property’s main warehouse has about 130,000 sf and several loading docks, while there is also a 7,500-sf truck garage, plus a 2,700-sf residential building on the site.

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

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

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