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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.