Case Studies
Milford, MA
Fortune Blvd & Quarry Drive
Investment Summary
Property
Four building office/R&D portfolio totaling 230,000 SF located directly off I-495 in Milford, MA
Pricing
Acquisition Cost – $13,950,000
Strategy
- The ownership sought a value add opportunity through leasing the vacancies and completing a number of deferred capital improvements - The asset poses an opportunity to create value by purchasing the building at a low basis and quickly executing a cost-effective modernization plan with the goal of providing tenants a lower priced alternative in the market
Opportunity/Highlights
- 100% Leased within 1 year of ownership through growing tenant relationships and strategic negotiations
- Value add leasing opportunity as majority of leases were 20-30% below market during time of acquisition
- Portfolio is strategically located directly off I-495 and just one exit south of the Massachusetts Turnpike. In addition to direct highway access, the portfolio benefits from its proximity to the Mass Pike Route 85, Route 16
- Sold one of the four buildings off-market and kept the remaining three buildings which total 128,000 SF ($152PSF). The sale resulted in a 3.92 multiple in an 18 month period
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