Friday, 2 November 2012

Real Estate deal includes Taunton industrial Park

TAUNTON - A commercial real estate company has brokered a $90 million deal with a private investment/consulting firm that includes two warehouses at Taunton’s Myles Standish Industrial Park.

Cushman & Wakefield, which represented the seller — Boston-based Exeter Realty Capital Partners — said in a release that the deal also involved another six “distribution and flex buildings” within Franklin’s Forge Park.

The properties collectively are referred to as The Suburban Boston Industrial Portfolio, according to Cushman Wakefield.

Flex facilities are considered semi-permanent, in that they can be re-designed for a variety of uses, including distribution, storage or manufacturing.

Taunton’s Myles Standish Industrial Park has long been recognized as a premier industrial park in Massachusetts.

It is managed and supervised by the non-profit Taunton Development Corporation (TDC) in cooperation with MassDevelopment, a project development and lending company that works with both public and private sector entities.

TDC president Louis Ricciardi said Thursday that he was not yet familiar with the deal and therefore could not identify the two high-bay facilities mentioned in the press release.

Ricciardi said it’s common practice for the TDC to initially sell land that is later leased, purchased and traded among various investors.

At a certain point, he said, “it’s beyond our involvement.”

The MSIP this past year grew by another 200 acres when it acquired land previously considered part of the former Paul A. Dever State School.

Ricciardi said the $90 million deal shows the Taunton area “remains at the top of the list for investment” in terms of industrial development.

With the addition of phases IV and V, Ricciardi said the park now has more than 1,000 acres of land at its disposal.

Ricciardi said road construction is still underway within the park’s latest land addition and that no company has yet to establish itself on a parcel.

But he also said there is growing interest in the property.

A message left with a spokesman for Cushman Wakefield was not returned.


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