Massachusetts Data Center Sells for $16M
- Jul 23, 2020
Congruity360 has finalized the sale-leaseback transaction of a 199,902-square-foot flex property and modern data center in Fall River, Mass. Rhino Capital Advisors acquired the property for $15.5 million, according to public records.
Cambridge Savings Bank originated a $10.4 million acquisition loan for the purchase. The non-recourse note carries a fixed interest rate. Congruity360 entered into a new, 10-year lease agreement with the buyer.
Located on 3 acres at 456 Bedford St., the property consists of a two-story building recently developed into a Tier III/IV, raised floor data center and office space, and a three-story mill which the tenant plans to repurpose for a future expansion. Situated close to Interstate 195, the property is 18 miles from Providence and 52 miles from downtown Boston.
The JLL debt placement team which assisted the borrower in securing the financing included Senior Director Brett Paulsrud and Associate Madeline Joyce.
In April, Paulsrud and Associate Sam Campbell facilitated a $13.3 million acquisition loan from Harbor One Bank for a partnership between Bain Capital Real Estate and Oliver Street Capital. The joint venture acquired a 180,000-square-foot industrial property for $19.4 million from Tighe Logistics Group.