Franklin Industrial Buildings Sold For $11M
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At just shy of 60,000 square feet, 130 Constitution Boulevard in Franklin sold on Aug. 29 to Novaya Real Estate Ventures of Boston for $3.88 million as part of a portfolio deal that also included a Grove Street industrial building.
Boston-based Novaya Real Estate ventures has purchased two fully-leased Franklin industrial buildings for a combined $11 million, according to the broker, Richards Barry Joyce & Partners (RBJ) of Boston.
The two properties, located at 130 Constitution Boulevard and 176 Grove Street, were part of a portfolio sale, according to RBJ.
Tenants Expected To Remain Following Sale
Current tenants at 176 Grove St., which totals 169,968 square feet and sold for $7.28 million, according to the Norfolk County Registry of Deeds, include Williams-Sonoma Direct and Spirit Delivery & Distribution Services.
Franklin-based Clark Cutler McDermott fully occupies 130 Constitution Boulevard, and operates a storage and distribution facility in the 59,970 square-foot building. It sold for $3.88 million, according to the Registry of Deeds. Tenants are not expected to change under Novaya's ownership, said Dan Foley, a spokesman for RBJ. The seller of both properties was listed as Realty Associates Fund.
RBJ: Franklin Boasts Low Vacancy Rate
According to RBJ, the Town of Franklin has about 2.8 million square feet of warehouse space, and a vacancy rate of 7.1 percent. That figure represents a very healthy market in Franklin, according to Foley, who said a vacancy rate below 10 percent is viewed as strong.
“It's a great location for distribution,” Foley said. “It has proximity to major highways and thoroughfares. These are distribution centers, and that's what makes the area particularly strong for these types of buildings.”
The purchases are an “excellent investment” by Novaya, according to RBJ Senior Vice President Chris Skeffington, who procured the buyer and represented the seller in the deal along with John Lashar, partner at RBJ.
“The buildings are well located and both fully-leased to well capitalized local and national tenants,” Skeffington said in a statement.
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