BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of 26 and 28 Millbury Street,(above photo) two distribution buildings totaling 667,000 square feet in Auburn, Massachusetts. HFF senior managing director Riaz Cassum (top right photo), director Coleman Benedict (photo at left) and senior real estate analyst Porter Terry led the investment sales team on behalf of the seller,
Liberty Properties of Boston.
Liberty Properties 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. (Liberty Properties' headquarters building is at right)
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. (Liberty Properties' headquarters building is at right)26 and 18 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.
building that serves as the main distribution hub for Filene’s Basement. “Liberty Properties 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 b
ackbone of its northeast distribution infrastructure,” added Benedict.
ackbone of its northeast distribution infrastructure,” added Benedict. Liberty Properties Corporation 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 lo
cated 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.
CONTACTS:
Riaz A. Cassum, HFF Senior Managing Director, 617 338 0990, rcassum@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
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