Portman Gets $29M for MA Industrial Development
Atlanta-based Portman Industrial has obtained $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, Mass.
JLL Capital Markets secured the three-year loan through BMO Harris Bank, 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.
Portman Industrial purchased the 146-acre site back in 2021 from Thibeault Development for $75 million, according to public records.
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Silver City Business Park’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.
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’s 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.
A master-planned industrial park
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.
The Taunton Planning Board had initially approved a site plan for Fed Ex to 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.
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.
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