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Cushman & Wakefield Arranges $92M Refinancing for Industrial Asset on Behalf of Martignetti Companies, Announces Groundbreaking of New 584,640 SF Speculative Development

Jayden Lapin-Tatman • 3/17/2022
Martignetti Companies Retains Cushman & Wakefield to Lease New Development 

Taunton, MA – Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Martignetti Companies in the procurement of $92,000,000 for the refinancing of 500 John Hancock Road, a Class A core industrial asset located in Taunton, MA. The 12-year, fixed-rate loan was provided by Northwestern Mutual.   

A Cushman & Wakefield Equity, Debt & Structured Finance team of Tom Sullivan and Ross Fishman represented the borrower. 

“This facility is considered to be one of the finest across the country,” said Sullivan. “The property’s high-quality tenancy and incredible strategic regional accessibility drove a highly competitive process. The lender recognized the uniqueness of this property and provided creative loan terms tailored to meet ownership’s needs.” 

500 John Hancock Road is a LEED Silver-certified, 680,000-square-foot, state-of-the-art distribution center situated in the 800-acre Myles Standish Industrial Park. The property is a high-bay, institutional-quality warehouse that is 100% leased and operates as the tenant’s flagship location. The tenant has invested significant capital into the site and facility to create a campus environment for employees and allow for future growth needs.   

Off the back of the refinancing, Martignetti Companies has retained Cushman & Wakefield to market the Taunton Trade Center, a new 584,640-square-foot speculative development located at 300 Charles F. Colton Road, for lease. Martignetti Companies began construction in September and is slated for an August 2022 completion and delivery. 

“Our team is thrilled to continue working with Martignetti on this exciting new project,” said Philip Verre, who is leading the leasing assignment of the Taunton Trade Center alongside Robert Byrne, Paul Leone and Pete Whoriskey. “While there are large barriers to entry for industrial developments, the 4.6 million square feet of new spec construction delivered within the past 24 months is 95% leased. With vacancy hovering around 2.4%, Martignetti Companies will be able to capitalize on being the first to break ground in a wave of upcoming projects in the greater Boston industrial market.” 

The Taunton Trade Center will soon be a Class A high-bay distribution and warehouse space with availability ranging from 154,280 square feet to 584,640 square feet.  It is currently the largest spec construction project within the 810-acre Myles Standish Industrial Park.  The asset will feature 112 loading docks, 40-foot clear ceiling heights, 132 trailer drops and 546 parking spaces.  The property is also strategically located near Interstate 495 and Interstate 95 providing easy access to the surrounding Massachusetts and Rhode Island areas.   

In 2021, Sullivan and Fishman closed on $800 million of debt and equity placement across 30 deals accounting for more than 5.5 million square feet and 1,100 units. The team focuses on a wide range of asset types, including industrial, flex, multifamily, cold storage, office, land, R&D lab, GMP and self-storage, as well as several different transaction executions, such as acquisition financing, refinancing, construction financing and JV equity placement and recapitalizations.  
About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

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