JLL Capital Markets recently completed the sale of 151 Charles F. Colton Rd., a state-of-the-art distribution center located in Taunton, MA. The property spans over 198,720 square feet and is classified as Class A.
The transaction amount was not disclosed; however, the property had previously been sold for $25.7 million in 2019.
Leading this deal was a team from JLL led by managing director Michael Restivo and director David Coffman on behalf of the seller – Brookfield Asset Management’s fund management division. The asset has now been acquired by an Ares Management Real Estate fund and will be managed by Ares Industrial Management.
Built just seven years ago in 2014, this facility boasts a full occupancy rate with its sole tenant being one of New England’s top tire and automotive service companies.
According to Restivo: “This sale presented an exceptional opportunity to acquire a modern distribution center within Greater Boston’s thriving industrial market.” He further added that due to its prime location, high-quality tenant profile, potential for strong rental growth and limited supply within the market – investing in this property offers stable cash flow along with attractive long-term investment prospects.
