12/14/2007

Boston's Franklin Commerce Center brings $20.3M

by

Franklin Commerce Center

Realty Associated Advisors, LLC, an affiliate of TA Associates, has purchased the Franklin Commerce Center in Franklin, Mass., for $20.3 million from Suffolk Freedom Way, LLC.

Richard Herlihy, Josh Lashar, Richard Bradbury and Paul Leone of Richard Barry Joyce & Partners represented Suffolk and procured the buyer. RBJ will also be retained as the leasing agent for the industrial property.

Built in 2003 on 17 acres, the building is located at 20 Freedom Way within the Franklin Industrial Park, a 300+ acre master-planned industrial and office park. The building contains 223,450 square feet and is currently home to tenants such as Dealer Tire, LLC, Lindenmeyr Munroe and Owens & Minor Inc.

Suffolk Advisors purchased the building in March 2006 for $16.3 million from its developers, New Boston Fund Inc. and Taunton, Mass.-based Condyne Real Estate Development.

Franklin is located approximately 40 miles southeast of Boston and has a population of 29,560.

Herlihy is the executive VP of investment sales for RBJ. He is a former employee of Cushman & Wakefield and also served as VP of investment sales for Trammell Crow Company and Fallon Hines O'Connor. He is a member of the Greater Boston Real Estate Board and is a graduate of the College of the Holy Cross.

Lashar is a member of RBJ's suburban leasing group and specializes in tenant and landlord advisory work. He is a former senior director at Cushman & Wakefield and is also a member of the Greater Boston Real Estate Board. Lashar is a graduate of Babson College.

Bradbury, a VP with RBJ, handles the analytical aspects of the firm's investment sales activities. Prior to joining RBJ, he was employed by Ernst & Young, LLP, where he provided businesses with advisory services. He is also a graduate of Babson College.

Leone is a VP with RBJ's suburban leasing group and specializes in flex and industrial properties in the Great Boston west suburban market. He is a former VP with Trammell Crow Company and earned his B.S. in History from the College of the Holy Cross.

Address: 20 Freedom Way, Franklin, Mass.

Size: 223,450 square feet

Built: 2003

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Filed Under: Industrial

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