Stag Buys Into Malden 110,000-SF Property

MALDEN, MA-Stag Capital Partners has completed its acquisition of 219 and 243 Medford St., a pair of office/manufacturing buildings fully leased to Palmer Manufacturing Co. Boston-based Stag struck a 20-year sale-leaseback arrangement with Palmer, paying $7.5 million for the 110,000-sf complex.

The acquisition of the real estate coincided with a buy-out of Palmer Manufacturing Co. by a partnership of American Capital and Radius Partners LLC. Mark Carroll, vice president of Stag’s sale-leaseback division, worked with the new ownership of Palmer to craft the agreement enabling the company to stay at the property.

Palmer is an assembler and manufacturer of precision parts for the aerospace industry and other specialty engine users. The company had owned 219 and 243 Medford St. since 1998. Located on a five-acre site, the property features a mix of office and manufacturing space, with the two buildings sharing the same entranceway and parking area.