LandVest is pleased to be offering 55± acres of prime light-industrial land in Salisbury, Massachusetts that is currently leased for 22 years with a fully-operational solar energy development. The solar energy infrastructure is owned, operated, and maintained by the tenant. The property has 41± acres of upland and is the site of the largest private solar development (6 MW) in Massachusetts to date. The solar array, operational in August 2012, consists of 20,000 PV (photovoltaic) panels and the associated electrical equipment. The property was assembled through a series of acquisitions by True North LLC of Salisbury, Massachusetts. There are wetland areas on the property and an interior road for access and maintenance. The entire property is fenced and a security system including cameras and alarms further secures the site. The property is well-located with close proximity to highways (95 & 495) and town water and sewer services.
The Town of Salisbury is located in Essex County, about 45 miles north of Boston on what is commonly known as the North Shore. Lying along the northern banks of the Merrimack River at its mouth, the town is bordered by the Atlantic Ocean to the east, the Merrimack River and Newburyport to the south, Amesbury to the west, and Seabrook, New Hampshire to the north. The town is renowned for its beaches, boating, fishing, and summer entertainment.
The town lies along the northern end of U.S. Route 1 in Massachusetts. The town also constitutes the northern termini of Interstate 95 in Massachusetts, and of Interstate 495, which lies just one-quarter mile into the town at I-95 Exit 59. The offered property is located less than ¼ mile from Exit 58 on I-95.
The property is located near a prime development site in Amesbury called “The Golden Triangle”. The development of this parcel has been a goal supported by the Town of Amesbury for years. Its eventual development will only enhance the long-term value of the offered land, given the immediate proximity, where all four corners of the “cloverleaf” off of 95 and Route 110 will eventually be developed. Click here to read the latest article on the Amesbury Development Plan recently published in the Daily News of Newburyport.
Lease payments are fixed with a 1% annual escalation rate. The landowner is only responsible for property taxes on the land which have not increased by virtue of the solar installation. Net income and the underlying industrial land value combine to indicate an internal rate of return (IRR) of approximately 5% to 6% for the 22-year term of the lease. This is an excellent property for a long-term, low-risk investment.
The property is being offered in a bid event and is available for a pre-bid price of $2,200,000. A suggested minimum bid price of $1,900,000 is recommended for the 30-day sealed bid phase. The pre-bid period ends at 5:00 PM ET on Wednesday, September 12, 2012 when the sealed bid period begins. Sealed bids are due by 5:00 PM ET on Friday, October 12, 2012. Sealed bids will be opened at 5:00 PM ET on October 12, 2012.
To learn more about this property, please click Land Investment Opportunity. If you have questions about solar energy opportunities on your property or as an investor please contact Slater Anderson at LandVest.