Boston, MA - The Boston office of HFF (Holliday Fenoglio Fowler, LP) has closed on the sale of 26 and 28 Millbury Street, two distribution buildings totaling 667,000 square feet in Auburn, Massachusetts.
HFF senior managing director Riaz Cassum, director Coleman Benedict, and senior real estate analyst Porter Terry led the investment sales team on behalf of the seller, Liberty Companies of Boston.
Rabina Properties of Scarsdale, New York purchased the property for $38.5 million. The sale was structured as a forward commitment to accommodate the construction schedule of 26 Millbury Street.
26 and 28 Millbury Street are located close to the Massachusetts Turnpike / Interstate 290 interchange in Auburn, approximately 40 miles west of Boston.
26 Millbury is a 210,000 square foot, build-to-suit distribution facility for Interline Brands that was completed in May 2008. 28 Millbury is a 457,000 square foot distribution building that serves as the main distribution hub for Filene's Basement.
"Liberty Companies and Rabina Properties worked together to close a complicated deal involving a forward purchase, a very specific loan assumption timeline and a challenging real estate capital market environment," said Cassum.
"26 Millbury is a state-of-the-art distribution center that will allow Interline Brands to consolidate its operations into this facility from several locations. 28 Millbury Street has been continually upgraded by Filene's Basement and serves as the backbone of its northeast distribution infrastructure," added Benedict.
Liberty Companies acquires, redevelops and markets under-performing or surplus commercial property, and is currently managing more than five million square feet of industrial and office properties located primarily in New England.
Rabina Properties is a privately-held owner, developer and manager of more than 12 million square feet of retail, residential, office and technology real estate, and an active purchaser of distressed debt.
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