{"id":1004700479,"date":"2024-01-31T09:27:44","date_gmt":"2024-01-31T17:27:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004700479"},"modified":"2024-01-31T09:27:48","modified_gmt":"2024-01-31T17:27:48","slug":"portman-gets-29m-for-ma-industrial-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/portman-gets-29m-for-ma-industrial-development\/","title":{"rendered":"Portman Gets $29M for MA Industrial Development"},"content":{"rendered":"\n<p>Atlanta-based <strong>Portman Industrial<\/strong> has obtained $29 million in construction financing for the first phase of Silver City Business Park, a 1.1-million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/whats-next-for-industrial-real-estate\/\">industrial business park<\/a> in Taunton, Mass.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d0c995a773&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004700483\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/portman-gets-29m-for-ma-industrial-development\/silver-city\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Silver-City-e1706714727515.jpg\" data-orig-size=\"747,560\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Silver City\" data-image-description=\"&lt;p&gt;The Silver City Business Park site has its own exclusive ramp to Route 140 and Route 24. image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Silver City Business Park site has its own exclusive ramp to Route 140 and Route 24. image courtesy of JLL Capital Markets&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Silver-City-e1706714727515.jpg?w=747\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Silver-City-e1706714727515.jpg?w=300\" alt=\"Silver City Business Park.\" class=\"wp-image-1004700483\" style=\"width:302px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Silver-City-e1706714727515.jpg 747w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/Silver-City-e1706714727515.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The Silver City Business Park site has its own exclusive ramp to Route 140 and Route 24. <em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>JLL Capital Markets<\/strong> secured the three-year loan through <strong>BMO Harris Bank<\/strong>, with President of Capital Markets Jody Thornton, Senior Managing Director Brett Paulsrud, Director Ryan Parker and Analyst Ari Bogen working on behalf of the borrower.<\/p>\n\n\n\n<p>Portman Industrial purchased the 146-acre site back in 2021 from <strong>Thibeault Development<\/strong> for $75 million, according to public records.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/extra-large-warehouse-leasing-slows-down\/\">Extra-Large Warehouse Leasing Slows Down<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Silver City Business Park&#8217;s first phase will comprise a 248,435-square-foot building. Plans call for more than 38 dock positions with two drive-in doors, 32-foot clear heights, over 270 parking spaces, 29 trailer drops, 3,000 amps of power capacity and ESFR fire suppression.<\/p>\n\n\n\n<p>Located at the intersection of Route 24 and Route 140, Silver City Business Park is in the heart of the Southern Massachusetts industrial park cluster. Its location provides easy access to all Greater Boston\u2019s major highway systems and population centers. According to a recent JLL report, more than 6.1 million square feet of industrial space were reported as under construction in the Greater Boston area in the fourth quarter of 2023.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-master-planned-industrial-park\">A master-planned industrial park<\/h2>\n\n\n\n<p>Silver City Business Park will rise on the site of the former Silver City Galleria, a super-regional shopping mall that closed in 2020. After 29 years of operations, the mall was demolished in 2021 due to a sharp decline in traffic and financial troubles.<\/p>\n\n\n\n<p>The Taunton Planning Board\u00a0had initially approved a site plan for Fed Ex\u00a0to build a 560,000-square-foot distribution center and an additional 74,500-square-foot building on the site of the former shopping center. The plan was abandoned and the property was later sold to Portman.<\/p>\n\n\n\n<p>Upon its completion, the speculative industrial park will comprise four separate warehouses of 279,780, 486,720, 241,800 and 74,500 square feet. The three larger warehouses will be 55 feet tall, and the smallest will have a height of 47 feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 146-acre master-planned facility will rise on the site of a former regional mall.<\/p>\n","protected":false},"author":3014,"featured_media":1004700483,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21782,21748,21783,21742,10],"tags":[36551,32796,33858],"class_list":["post-1004700479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-development","category-industrial","category-investment","category-latest","category-northeast","tag-bmo-harris-bank","tag-jll","tag-portman-holdings-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portman Gets $29M for MA Industrial Development - 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