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Colony Scores 620,000-SF Portfolio

FRANKLIN, MA-The six-building portfolio, which was owned by a client of UBS Global Asset Management, sells for $68 million, according to city records.

By Joe Clements | Updated on May 30, 2007

FRANKLIN, MA-A portfolio of flex/industrial real estate offering the cache and heft to attract institutional capital has changed hands. Boston-based pension fund advisor Colony Realty Partners bought the half-dozen buildings in the Forge Park business complex from a client of UBS Global Asset Management, acquiring a block of 620,000 sf.

“We had a remarkable amount of interest,” Richards Barry Joyce & Partners EVP Richard Herlihy tells GlobeSt.com after the firm’s investment sales team orchestrated the transaction. The “hotly contested” product resulted in an expeditious marketing and due diligence phase, explains Herlihy, who was joined in brokering the sale by RBJ colleagues Richard Bradbury, John Lashar and Paul Leone. A Boston-based real estate services firm, RBJ represented the seller and procured the buyer.

Registry of deeds records put the price at just under $68 million, or about $110 per sf. “I think everyone was happy,” was all Herlihy would say on that aspect, declining to discuss financial details due to confidentiality agreements. The investment sales specialist did cite several factors that enhanced the competition, including a series of infrastructure improvements near Forge Park that have created wider roadways, turning lanes, a streamlined truck route and even a new overpass.

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