Real estate transactions often involve complicated negotiations and high dollar values, which is why all parties involved benefit from qualified legal representation throughout the real estate purchase process. The state of Massachusetts should be seeing a nice economic boost thanks to a $90 million deal for a variety of industrial buildings in Taunton. These include two warehouses at Taunton’s Myles Standish Industrial Park and another six buildings inside Franklin’s Forge Park.
The news was reported last week by the Taunton Daily Gazette, which related additional details from a commercial real estate company’s press release. The seller in the deal is Exeter Realty Capital Partners, based in Boston. The properties involved will be referred to as The Suburban Boston Industrial Portfolio.
Six of the buildings are referred to in the deal as “flex” facilities, which means they can be converted to be used for a number of different purposes, such as for manufacturing, distribution or storage. Myles Standish Industrial Park is known to be a premier industrial park in Massachusetts, managed by Taunton Development Corporation (TDC), a nonprofit, in cooperation with MassDevelopment, a project development and lending company.
The Gazette quoted the TDC president as saying he was not yet familiar with the deal, which is not unexpected. He called it common practice for the TDC to leave it up to various investors to execute transactions after TDC-managed lands have been sold. Major real estate transactions such as this require a thorough understanding of the real estate law and the negotiations process surrounding the purchase or selling of commercial properties.
Source: Taunton Daily Gazette, “Real Estate deal includes Taunton Industrial Park,” Charles Winokoor, Nov. 1, 2012