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589,000-SF Warehouse Buildings Secure Acquisition Financing

TAUNTON, MA-A few months after closing on the deal, SSR Realty Advisors secures $15 million in acquisition financing for two warehouse and distribution buildings totaling 589,172 sf. The buildings, located at 275 John Hancock Rd. and 800 John Quincy Adams Rd., were bought from Condyne and LaSalle Investment.

By Naomi Grossman | Updated on April 29, 2004

TAUNTON, MA-Acquisition financing in the amount of $15 million was nailed down for two warehouse and distribution buildings totaling 589,172 sf. The buildings are located at 275 John Hancock Rd. and 800 John Quincy Adams Rd.Senior managing director Riaz Cassum and senior real estate analyst Coleman Benedict of the Boston office of Holliday Fenoglio Fowler, LP worked on behalf of a third party, separate account client of SSR Realty Advisors to secure the five-year, fixed-rate first mortgage through ING Investment Management. SSR, a subsidiary of MetLife, is a real estate investment firm with approximately $5.5 billion of assets under management on behalf of nearly 90 clients. The firm purchased the properties this past February from a joint venture of Condyne LLC and LaSalle Investment Management.”The client needed a quick commitment to facilitate the acquisition,” says Cassum. “We were at an advantage because we were familiar with the properties, having underwritten them for another bidder, and we have worked with SSR in the past. We were able to go to market very quickly and identify a lender that could close under a tight time frame.” Both buildings are located within the Miles Standish Industrial Park, a 655-acre master-planned industrial campus located just off Route 495. The building at 275 John Hancock was constructed in 2001 and is fully occupied by three tenants–a division of General Dynamics, Shaw Industries and Rich’s Transportation. The other property at 800 John Quincy Adams was originally constructed in 1984 and expanded in 2000. It is 100% occupied by Trader Joe’s.

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