The Taunton Development/MassDevelopment Corporation sold 11.3 acres at the Myles Standish Industrial Park expansion project in Taunton, Massachusetts. The property was bought by Rhino Capital Advisors LLC, a real estate investment firm.
According to Mass Development, Rhino Capital plans to construct a 100,000-square-foot building that the company will then lease to NN, Inc., a diversified industrial company headquartered in Charlotte, North Carolina, that manufactures high-precision metal and plastic components and assemblies.
NN, Inc. will use 80,000 square feet for manufacturing activities with the remaining 20,000 square feet set aside for office space. As it expands into Taunton, NN, Inc. anticipates that the new facility will allow the company to create 75 to 80 jobs within three years. Construction of the building has begun and is scheduled to be completed in spring of 2019.
"As someone who has played a leadership role in ensuring the state legislature supports economic initiatives in the district, I am very pleased that this expansion will bring new jobs and new business to the area,” said Senate President Pro Tempore Marc R. Pacheco.
“Growing businesses will provide the City of Taunton with new tax revenue resources and I am excited to see the results. I’d like to thank and congratulate MassDevelopment, the Taunton Development Corporation, and all the agencies that have contributed towards making the Myles Standish Industrial Park a haven for new opportunities and new economic development,” he added.
"This was an example of a wonderful public/private partnership that will enable our firm to construct the latest state-of-the-art facility in the Myles Standish Industrial Park that will serve the business needs of our friends at NN, Inc., who will be doing extraordinary things within this building on behalf of their world-class clients,” said Rhino Capital Advisors, LLC Principal Michael Olson.
"NN is experiencing significant growth in our aerospace and defense business, which is driving a need for us to expand our production capacity and technology capabilities,” said NN, Inc. Executive Vice President, Power Solutions Christopher Qualters. “Our new state-of-the-art facility in Taunton will allow us to provide more of our engineered solutions for this rapidly expanding segment of our business. I am especially proud to be growing our business in partnership with the City of Taunton where my grandfather was a machinist in the brass industry for over 30 years.”
In 2012, MassDevelopment and the Taunton Development Corporation partnered to form a nonprofit development corporation to redevelop the 220-acre site of the former Paul A. Dever State School, which expanded the MSIP and developed a new business park. The expansion has attracted businesses like Sullivan Tire, Maxon Precision Motor, and Martignetti Companies, creating more than 1,200 new jobs and more than $90 million in private investment in Taunton.
“MassDevelopment is pleased to welcome NN, Inc. to the Myles Standish Industrial Park, where the company will join a number of other leading manufacturers that proudly call Taunton home,” said MassDevelopment President & CEO Lauren Liss. “Our efforts to develop this premier industrial park have helped ensure that thriving companies and industries have room to grow in southeastern Massachusetts.”