F.R. industrial park lot sells for $2.4M

FALL RIVER – Southcoast Technology Center Inc. recently sold the property at 420 Airport Road, a nearly 6-acre lot in the Fall River Industrial Park, to Madison FR Properties LLC for $2.4 million, The Herald News reported Nov. 17.

Paul Joncas of Westport is the listed manager of Madison FR Properties LLC.

“We bought it as an investment,” Joncas said. “It has good tenants already and we want to keep them.”

Robert Karam, a manager of Southcoast Technology Center, and other investors purchased the land, then 5.99 acres with two buildings, in 2002 for $650,000, city tax records show.

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Southcoast Technology Center did everything right with the property, said Ken Fiola, executive vice president of the Fall River Office of Economic Development.

“They filled it up with good tenants, improved the property and added to it,” he said, adding industrial park property values have increased since the recession in 2009. •

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