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Investor Pays $5.3M for Vacant Milford Warehouse

Oct 26, 2021 | Reprints | Unlock Link | Print

Photo courtesy of JLL

A vacant warehouse set on 3.7 acres with expansion potential is under new ownership following a $5.3 million transaction in Milford.

Cambria Holdings of Belle Plaine, Minnesota acquired the property from JR Properties Milford Nominee Trust with $4.24 million in mortgage financing from Bell Bank of Minneapolis, according to a Worcester County Registry of Deeds filing.

The office and warehouse building at 375 Fortune Boulevard was completed in 1990 and has expansion potential, according to brokerage JLL. JLL Senior Director Michael Restivo and Director Lenny Pierce represented the seller.

Greater Boston has the fifth-fastest-rising rents among 63 U.S. markets with vacancies of 4.7 percent, according to JLL research. Demand for industrial space rose 64 percent in the third quarter, driven by space requirements by large retail and e-commerce companies.

B&T Daily