News: Front Section
Posted: August 2, 2019
Minnerly, Hudak, Osvold and Hannigan of Colliers handle sale of two Myles Standish Industrial Park assets for $4.475 million
Taunton, MA According to Colliers International, executive vice president Cathy Minnerly, senior vice president Caleb Hudak, vice president Ovar Osvold, and associate Sean Hannigan advised their client, Rock Partners, LLC, in the portfolio sale of 520 and 540 Myles Standish Blvd. The fully stabilized, high-end assets total 35,000 s/f and are home to Utz Quality Foods who leased 520 via a 2012 office/warehouse build-to-suit transaction, and the Commonwealth of Massachusetts’ Department of Revenue whose two-story office building at 540 underwent a complete renovation in 2011.
The buyer, TSC Holdings, LLC, but more widely recognized as The Shearwater Cos., saw the acquisition as a strategic addition to its existing Myles Standish portfolio and paid $4.475 million ($129.82 per s/f) for the two buildings.
“After extensive analysis of the two properties, we decided to proactively approach The Shearwater Companies with this unique opportunity,” said Minnerly. “The buildings’ profiles, location and quality fit seamlessly into their existing portfolio and have led to an absolute win-win for both buyer and seller.”
Hudak said, “Shearwater ultimately beat out a wide range of investors who expressed interest in the portfolio. The level of interest and final transaction pricing is a testament to Myles Standish continuing to be one of the most highly sought-after office and flex/industrial parks in the south market.”
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