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Parsons Commercial Reaps $2.35M in October Hill Harvest

December 04, 2010 — By Joe Clements

HOLLISTON — Unlike latter day tenants fearful of locking in to a property beyond 36 months, Color, Inc. has committed big time to 47 October Hill Rd., parlaying a seven-year lease signed in 2008 into an outright purchase of the 30,000-sf structure here in suburban Boston’s MetroWest region. The $2.35 million acquisition was
backed by $1.88 million in financing from Cambridge Trust Co. “Things took a while longer than we thought they would, but it all finally pulled together,” Parsons Commercial Group Senior Associate Victor Galvani says this week of divesting the final block of industrial condominium product built in two structures at the New
Englander Industrial Park by the Framingham-based real estate company.

Constructed in 2008 just as the investment market was tanking, 47 October Hill Rd. scored a critical win when Color, Inc. signed its lease at one of the properties.
Four units in the second building sold in August, setting the stage for PCG to complete its platform through Color, Inc.’s acquisition. Situated on Route 126 near the
Ashland town line and within five miles of the Massachusetts Turnpike, 47 October Hill Rd. features five loading docks and seven drive-in doors, and offers clear heights to 18 feet. Galvani was sole broker in the sale to Color, Inc., a diverse specialty products firm whose products include promotional items and unique signage services.

The PCG project was among several industrial condominium ventures that hit Massachusetts in the last boom cycle, with sponsors convinced that low interest rates and then-rising rents would entice users to embrace the idea that has been popular in other parts of the country. Those with proven locations and flexible enough to accommodate smaller tenants have seen success, but others foundered through the recession. Galvani says the Holliston space did offer the flexibility and location needed, as evidenced in the summer trades at 47 October Hill Rd. “We’re happy,” he says of those deals and Color, Inc.’s decision to exercise its purchase option.

Founded by John R. Parsons Jr., PCG is a diverse real estate services firm featuring brokerage and management expertise. During his career, Parsons has acquired in excess of 30 properties and 1.8 million sf of industrial, office and retail assets. The market value of those holdings tops $200 million

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