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A REIT owned by pension giant TIAA has made a large industrial acquisition in the Interstate 495 corridor.

Nuveen Global Cities REIT bought One National, an industrial property at 1 National St. in Milford for $52.7 million on Monday, according to public records and an announcement from Nuveen.

The 300,000-square-foot light industrial property is fully leased to Amazon, which plans to use the newly-renovated facility as a middle-mile sorting facility.

Built in 1972, the 34-acre property was most recently sold in December 2018 for $4.8 million, city property records state.

“We are excited to announce the acquisition of a strategically-located industrial property in the high barriers-to-entry Boston market. The location is ideal for e-commerce tenants as it allows deliveries to all households within the Boston [metropolitan statistical area] and the surrounding region within 1.5 hours. The property has recently undergone extensive renovations, so it will efficiently serve the needs of the new tenant,” Nuveen portfolio manager Rich Kimble said in a statement. “While virtually no property sector or portfolio is immune to the negative effects of this pandemic-driven recession, we believe certain sectors and strategies, including industrial, are better positioned in these uncertain times.”