Boston-Area Industrial Property Commands $51M
- Jun 02, 2020
Following major disposition plans in 2019, Service Properties Trust continues to sell non-core assets that were part of the company’s $2.4 billion portfolio acquisition last year. In its latest deal, the REIT sold an industrial building in Canton, Mass., to an undisclosed buyer for $51 million, excluding closing costs.
Located at 555 Turnpike St., the 674,143-square-foot industrial property sits on a 22.9-acre site that offers 407 parking spaces and a two-level office build-out component, according to Yardi Matrix. Located near State Route 138, the building features skylights, a mezzanine level and HVAC, Yardi Matrix data also shows.
Service Properties Trust, which is managed by the operating subsidiary of The RMR Group, was formerly known as Hospitality Properties Trust and rebranded in September to better emphasize its focus on hotels, net-lease properties and necessity-based retail assets.
$500M disposition plans
According to Service Properties Trust, the proceeds from its recent sale will be used for the repayment of debt. John Murray, president & CEO of Service Properties Trust, said in prepared remarks that the building was a non-core industrial asset that the REIT bought as part of a $2.4 billion portfolio acquisition of net lease properties from Spirit MTA REIT.
Following the 774-property acquisition that closed in September, the REIT announced plans to sell up to $500 million of non-core assets that will come from the purchased portfolio. Service Properties Trust sold off a 138,558-square-foot office property in Las Vegas for $57 million following the announcement. In November, the company hit its disposition target of $500 million following a major sale of 123 net lease properties throughout 26 states for $435 million.