BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of a 108,510-square-foot BJ’s Wholesale Club in Franklin, Massachusetts and arranged the acquisition financing.
HFF’s Coleman Benedict (top right photo) and Ben Sayles exclusively represented the seller, National Development, and procured the 1031 exchange buyer in the $13.667 million, off-market transaction. HFF senior managing director Fred Wittmann (bottom left photo) subsequently secured a $7.5 million, fixed-rate acquisition loan through Flagship Bank.
The property was constructed in 2000 and BJ’s occupies the facility under the terms of a long-term lease. Located at 100 Corporate Drive in Franklin, the property is situated on 17.53 acres of land located immediately adjacent to Interstate 495 (I-495), which provides regional access via Exit 17 (Route 140). In addition to its convenient access, the property is also highly-visible from I-495 (with ADT in excess of 81,500 vehicles). The asset is well poised to cater to the family-friendly towns of Franklin, Hopkinton, Medfield, Foxboro, Medfield and Walpole.
Contacts:
Coleman J. Benedict, HFF Director, (617) 338-0990, cbenedict@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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