LPC Secures $4M Sale-Leaseback of Industrial Building in Middleborough
JLL has closed the $4.2 million sale-leaseback and arranged the acquisition financing for 41 Leona Dr., a 30,050 square-foot industrial building in the Boston suburb of Middleborough, MA.
Lenny Pierce, Michael Restivo and David Coffman of JLL represented the seller, Butler Automation, in the sale to Boston, MA-based Lincoln Property Company. In addition, Amy Lousararian of JLL worked on behalf of the buyer to secure the three-year, fixed-rate loan with Centreville Bank.
Butler Automation currently occupies the entire building and will continue to lease back the property. The one-story building, which was originally built in 1998, features three dock doors, 23-foot clear heights and 37-foot column spacing.
41 Leona Drive is located within the 1.8 million square-foot Campanelli Industrial Park with access to Interstate 495.
According to JLL, the asset is benefited by its position in the 495 South Industrial Market as vacancies have reached all-time lows across all sub-product types.
- ◦Sale/Acquisition
