NEWTON, MA–Service Properties Trust announced that it has completed the sale of a 674,143 square foot property located at 555 Turnpike Street, Canton, MA for $51 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt.
“Given current market volatility, we are pleased to complete the sale of this property, a non-core industrial property acquired as part of our SMTA net lease portfolio acquisition in September 2019,” said John Murray, President and Chief Executive Officer of SVC.
Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties across the United States and in Puerto Rico and Canada with 148 distinct brands across 23 industries.
SVC’s properties are operated under long term management or lease agreements. SVC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.