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The property, a ,square-foot industrial building on GFI Partners plans to immediately implement a capital improvement program, which includes white-boxing the warehouse interior, new LED lighting and adding six 6 more loading dock doors to the current twelve 12 dock doors, and one 1 drive-in door. The building has a amp electric service and can be fully air-conditioned if needed by any tenant. In addition, a new roof will be installed Spring of

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Affiliate of GFI Partners purchases 106,353 SF industrial building in North Charleston

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The plaintiff, Henry C. Suominen Jr. Goodman Goodman and seventeen reach and apply defendants. The essence of his claim as to the majority of counts is that Goodman, both individually and as owner of Goodman Industrial, as well as owner or part owner of the reach and apply defendants collectively, the defendants , breached an oral contract whereby the defendants would distribute to Suominen a certain percentage of the return or distributions realized from the sale of properties they owned, often called a "promote.

At all relevant times, Goodman did business under both his own name, and also under the name GFI Partners. Promote is a term of art in the real estate business and as used here means the distributions to Goodman or a Goodman owned entity or nominee on a particular property after any preferred distribution. Defendants do not seek summary judgment as to the former claims. The defendants, for their part, claim that there was never any oral agreement, and that, even if there were one, the parties were not in agreement as to all material terms, and therefore any oral contract is unenforceable as against them.

See Situation Mgmt. Malouf, Inc. They argue that Goodman was merely exploring the possibility of employee participation in any distributions and, ultimately, abandoned the idea in early It is well established that an agreement need not be in writing in order to be enforceable.

ESO, Inc. Kasparian , 32 Mass. Hart , Mass. Where no written agreement exists, the interpretation of an implied agreement depends on the weighing of the evidence. ESO , 32 Mass. See Brewster Com.

Blue Mountain Inc. Lombard Bros. Viewing the evidence in the light most favorable to the plaintiff, Cabot Corp. AVX Corp. As to the intent of the parties, although Goodman states that he never intended that his employees participate in any promote, a reasonable jury could find evidence to the contrary.

In a deposition taken in another litigation, Goodman stated "[t]he guys that work for me get compensated with salary and participation in some of the deals. Furthermore, Suominen actually did receive See DiLonni , Mass. Plaintiff's Ex. In addition, Heller received As to the defendants' argument that any oral agreement was unenforceable where fundamental issues remained unresolved, a jury could find this belied by the drafts of the ELLC and ESA, which set forth multiple provisions in considerable detail.

At a minimum, the specificity of the documents establish that the issue of whether any implied agreement is unenforceable for vagueness is not suitable for summary judgment. See Hunneman Real Estate Corp. The Norwood Realty, Inc. It is also a question of fact for the jury whether the parties, if they intended there to be an agreement at all, intended it to be a blanket agreement to be applied to all projects on which Suominen worked, or whether it was to be re-negotiated as to each project.

A question of fact likewise remains as to whether Suominen was to receive a percentage only of those returns realized from a project that, in its operating agreement, indicated the existence of a promote, or whether he was entitled to a percentage of any distribution to the common equity investors on a project that did not specifically provide for a promote.

Nonetheless, Suominen was paid See discussion, supra. By clicking on this tab, you are expressly stating that you were one of the attorneys appearing in this matter. Before confirming, please ensure that you have thoroughly read and verified the judgment.

In case of any confusion, feel free to reach out to us. Leave your message here. Log In India UK. Please log in or sign up for a free trial to access this feature. Browse cases Commonwealth of Massachusetts Superior Court. ON OFF. Upload brief to use the new AI search. Case Information. No Acts. NEEL, Justice. Page 2 The plaintiff, Henry C. This is a paid feature.

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The plaintiff, Henry C. Suominen Jr.

Board of Selectmen Chair Kevin Caira recused himself from the hearing. For over a decade, the town has been fighting to have the contamination at the Olin site remediated and have voiced strong opposition to the proposed transrail project. At this stage, the size of the warehouse is not yet determined, but it would likely house consumer goods if developed. Newhouse said the hope is that this project is successful, which would prompt the withdrawal of the Surface Transportation Board petition.

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Located at Blackstone River Road, it is one of the largest construction and redevelopment projects in New England. The pre-construction design and budgeting started in earnest in November, and the construction started in December The project is scheduled for occupancy by the end of The owner of the property is Blackstone River Road, LLC, and it plans to construct the building into a ,square-foot, multi-use high bay industrial building.

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The , SF industrial building, located on 6. Affinity Group is a family owned holding company consisting of: Dexter-Russell Inc. Charleston SC. Both companies still operate in the Cross Park Drive location under local ownership. Founded in , GFI has successfully permitted, developed, and acquired projects across the United States. To date, GFI has acquired and redeveloped over 11 million square feet of industrial and developed over 3 million square feet.

Senate Construction Hired to Construct 600,000-Square-Foot Distribution Center

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GFI Partners is a full service real estate advisor based in Boston, Massachusetts. Founded in , GFI has successfully permitted, developed, and acquired projects across the United States.

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Comments: 1
  1. Mezishicage

    I confirm. I join told all above. Let's discuss this question.

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