The property is located at 7000 Post Rd. FedEx is having a 90,000-square-foot ground transportation facility built for it on the property by McMahon Development, with which it has signed a 10-year lease. Construction is underway.
The purchase price works out to $18.53 per square foot. Local experts tell GlobeSt.com that the current market for land--not that it's trading these days--is no greater than $8 per square foot. Moreover, they say there's nothing special about the property that FedEx purchased.
"The going rate is half what they paid or less," says one local land expert. "They must have been over-a-barrel for some reason."
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