Brookwood Financial Partners LLC has closed on the acquisition of 9 Industrial Road, a two-story office building, containing 90,000 square feet of space in Milford.
Including this acquisition, Brookwood has acquired five commercial properties in Massachusetts in the past 12 months, totaling more than 1.2 million square feet of office, industrial and flex space, increasing Brookwood’s portfolio in the Northeast to more than 2.3 million square feet, according to a statement.
In addition to 9 Industrial Road, Brookwood’s Massachusetts portfolio includes: the Cherry Hill Corporate Center (nine buildings) in Beverly and Danvers; 300 Jubilee Drive in Peabody; 75 Sylvan St. in Danvers; Billerica Business Center in Billerica and Tewksbury; Norwood Park South in Norwood; and the Big Y Distribution Center in Chicopee.
The Industrial Road building is 100 percent leased through 2015 to Lehigh Consumer Products LLC, a wholly owned subsidiary of Jarden Corp. (Jarden). Jarden no longer occupies the building, but has subleased approximately 29,000 square feet to Invacare Corp., an international health products company, through 2015.
"This investment currently generates a significant above market yield for the next five years, while affording us the opportunity to sublease the remaining vacant space at very competitive rental rates," said Thomas W. Brown, senior managing director and director of acquisitions for Brookwood. "9 Industrial Road is a great addition to our New England portfolio."
