HFF has arranged $18 million in mortgage financing for the headquarters building of Agar Supply Co. in Taunton, Mass. Agar is New England’s largest independent food distributor and the 13th largest in the United States. HFF placed the long-term, fixed-rate loan on the 326,000 sq. ft. single-tenant property with the People’s United Bank. The debt financing arranged by HFF replaces a maturing loan on the property.
About 15% of the Class-A industrial building leased by Agar is dedicated to office use. Located in the Miles Standish Industrial Park close to I-495 in Taunton, the building was completed in 2000. It underwent a 54,000 sq. ft. expansion in 2010 to meet the growing demand of small independent restaurants throughout New England.
“Through this expansion, we are able to serve our customers better and build efficiencies for the future. This will go a long way in improving how we help our customers grow their business,” says Karen Bressler, president and CEO of Agar.
The HFF team representing the borrower was led by senior managing director Robert Herron. HFF, which trades on the New York Stock Exchange under the symbol HF, operates out of 18 offices nationwide. HFF is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
Peoples United Bank, founded in 1842, is the largest independent bank in New England and provides consumer, commercial and wealth management services through nearly 340 branches in Massachusetts, Connecticut, Vermont, New York, New Hampshire and Maine.