THE GROSSMAN COMPANIES PARTNERS WITH CALARE PROPERTIES IN PURCHASE OF FRANKLIN, MASS. INDUSTRIAL BUILDING
165,000 SF Building was Built, Occupied by Georgia-Pacific
FRANKLIN, MASS. — The Grossman Companies, Inc., a family-owned real estate firm based in Quincy, Mass., has formed a joint venture with Calare Properties of Hudson, Mass., and acquired a 165,000 square-foot industrial property at 210 Grove Street in Franklin.
Making the announcement were Jake Grossman, a principal of The Grossman Companies (www.grossmanco.com), and Bill Manley, Calare’s Managing Partner (www.calare.com). Representing the seller was Binswanger Executive VP Timothy O’Callaghan. Financing was provided by Cambridge Savings Bank. Exclusive leasing agent for 210 Grove Street is Robert Gibson, Jr., a CBRE/NE principal.
Grossman notes, “We like the synergy of our two organizations: Calare knows well the industrial market, especially in the Franklin-Mansfield region, and we have a long history of adding value and attracting tenants to underperforming properties.”
Grossman says the currently vacant 210 Grove Street, which served Georgia-Pacific well for many years, is an ideal location for any manufacturing or distribution business seeking easy access to I-495 and all of southern New England. A rail line with space for 8 freight cars runs through the building. There is ample employee and trailer parking. The fully-sprinklered building is can be subdivided into two sections: one part consisting of 110,000 SF with 22’ clear space and 15 loading docks, and a 56,000 SF section with 27’ clear space, 2 loading docks and the rail line.
This is the most recent of several deals consummated between the parties in recent years. In 2013, Grossman bought a 225,000 square-foot warehouse in Mansfield from Calare for $7 million in a 1031 exchange.
For leasing information, contact CBRE’s Bob Gibson at (617) 912-7072. For information about commercial real estate investment and joint venture opportunities, contact Jake Grossman at (617) 472-2000 / firstname.lastname@example.org.