REIT expands holdings into Massachusetts with $5.4M acquisition of Gardner manufacturing facility
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164 Fredette St., Gardner
An affiliate of Royal Oak Realty Trust of Rochester, New York purchased a 72,000-square-foot manufacturing facility in Gardner, home of Garlock Printing & Converting.
The facility at 164 Fredette St. was sold for $5.4 million in a transaction recorded by the Worcester District Registry of Deeds on Wednesday. The seller was GP&C Real Estate Holdings LLC of Gardner, which last acquired the property in 2021 from Garlock Printing & Converting for $3.25 million.
There is no indication the sale will affect operations at the plant. Royal Oak is a private, non-traded real estate investment trust, established in 2013. The company specializes in acquiring properties leased to reliable tenants. According to the company’s website, this is the first property it has purchased in Massachusetts.
Royal Oak acquired a Reno, Nevada facility which is home to Garlock’s western operations in 2021, according to the REIT’s website.
The REIT has more than 64 properties in 22 states in its portfolio, not counting the Gardner transaction, totalling nearly 7 million square feet.
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