Atlanta-based Portman Industrial has secured $29 million in construction financing for the first phase of Silver City Business Park, a 1.1 million-square-foot industrial business park in Taunton, Massachusetts.
The Silver City Business Park site has dedicated ramps to Route 140 and Route 24. Image courtesy of JLL Capital Markets
JLL Capital Markets secured the three-year financing through BMO Harris Bank, with Capital Markets President Jodi Thornton, Senior Managing Director Brett Paulsrud, Director Ryan Parker and Analyst Ari Bogen representing the borrower.
Portman Industrial purchased the 146-acre site from Thibaut Development in 2021 for $75 million, according to public records.
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The first phase of Silver City Business Park will consist of a 248,435 sq. ft. building. Plans call for 38+ dock positions with two drive-in doors, 32-foot clear height, 270+ parking spaces, 29 trailer drops, 3,000 amps of power capacity and ESFR fire suppression equipment.
Silver City Business Park is located at the intersection of Routes 24 and 140, in the heart of Southern Massachusetts' industrial park complex. The location offers easy access to all major highway systems and population centers in Greater Boston. A recent JLL report found that more than 6.1 million square feet of industrial space is under construction in the Greater Boston area in Q4 2023.
Master-planned industrial park
Silver City Business Park will be built on the site of the former Silver City Galleria, a hyper-regional shopping mall that closed in 2020. The mall operated for 29 years but was demolished in 2021 due to a sharp decline in customer traffic and financial difficulties.
The Taunton Planning Commission initially approved plans for FedEx to build a 560,000-square-foot distribution center and another 74,500-square-foot building on the former shopping center site. Those plans were dropped and the land was later sold to Portman.
When completed, the speculative industrial park will consist of four warehouses measuring 279,780, 486,720, 241,800 and 74,500 square feet. The three largest warehouses will have heights of 55 feet and the smallest warehouse will have a height of 47 feet.