Colliers International, a global leader in commercial real estate services, represented The Liberty Companies in the sale of its industrial investment property.
Bob Rohrer of Colliers International's Manchester office teamed with Lisa Campoli of the Colliers Investment Sales group in Boston to represent the seller in this transaction.
The asset is located on Cellu Dr. and consists of 227,000 s/f on 16.03 acres of land. The property is 100% leased with two long term credit tenants in place.
According to the Hillsborough County Registry of Deeds, the buyer is PPL Cellu Drive, LLC of Burlington, Vt. and the seller was Liberty Cellu Drive, LLC of Newton, Mass.
Three years ago, the asset was a corporate owned manufacturing facility in the process of being decommissioned and idled. Colliers International surfaced a buyer, The Liberty Companies, that specializes in buying risk-oriented industrial real estate. Colliers assisted the new owner in fully leasing the asset to tenants on long-term leases, thus positioning the building for this recent sale.