"This was a very complicated transaction involving cross-collateralization, collateral substitution rights and the ability to "condominiumize" one or all the sites for expansion purposes," says Ashworth. "The process was completed start to finish in under 60 days."
The first of the properties is located at 85 Moosup Pond Rd. in Plainfield, CT. The 531,000-sf industrial facility was built in 1972 on a nearly 81-acre site. The property has 12 interior dock doors with levelers, 25 exterior docks with seals and levelers, five ground level garage style roll up doors and is accessed by a rail spur which is accessible by seven doors. The ceiling heights are 20 ft. Staples occupies 100% of the space.
A 68,000-sf free-standing, single-story industrial building at 151 Suffolk Lane in Gardner, MA is included in the portfolio. The facility was built in 1999 on a nearly seven-acre site in Summit Industrial Park. The building has a fireproof steel frame over a concrete slab with concrete block exterior walls as well as three drive-in doors and four tailgate height doors with a clear height of 20 ft. Woods Equipment fully occupies the space.
The next property in the portfolio consists of a 298,404 sf facility that involves five inter-connected building industrial/office facilities at 600 N. Bedford Rd. in East Bridgewater, MA. This development is situated on approximately 120 acres and was completed in phases between 1960 and 1980. The warehouse area has a clear height of 12 to 28 ft. The building has 10 tailboard loading doors and Harte-Hanks is the primary tenant.
A 655,000 sf, one-story industrial distribution building is also in the portfolio. The property, located at 1111 Southhampton Rd. in Westfield, MA, was originally constructed in the 1960's and was most recently renovated and expanded by 120,000 sf in 1996. The facility has clear height ranging from 22 to 30 ft. in the warehouse section. There are 12 metal roll-up docks with high weather sealed doors with load levelers. Home Depot is the anchor tenant, occupying approximately 60% of the building.
The final property in the portfolio is two warehouse/distribution buildings at 625 University Ave. in Norwood, MA. The property consists of 439,863 sf on the ground floor and 17,000 sf of mezzanine space located on 55 acres. It also features 261 parking spaces, 200 truck trailer spaces and two rail sidings. The buildings, originally built in 1980, were renovated to accommodate the fit-out for the new tenants Home Depot, Reebok and Chep USA.
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