Nuveen Global Cities REIT has completed the $52 million acquisition of One National, a 300,000-square-foot warehouse in Milford, Mass. A joint venture between New Mill Capital and Odyssey Real Estate Capital sold the Amazon-leased property, according to Worcester County records.
Located on 34 acres at 1 National St., the property was completed in 1972. At the time of the sale, the warehouse was fully leased to Amazon on a long-term, triple-net lease, with more than five years remaining on the contract. The tenant will use the building as a middle-mile sorting center.
The asset previously changed hands in 2018, when Ardagh Group sold it for $4.1 million, public records show. In 2019, New Mill and Odyssey invested $7.5 million in a capital improvement plan at the building, which previously served as a glass bottle plant, according to The Milford Daily News. The improvements included installing a new roof, adding more dock-high doors, and demolishing the facility’s furnaces.
The site is within 4 miles of Interstate 495 and roughly 36 miles southwest of downtown Boston. The metro’s industrial market has a 4.7 percent vacancy rate across 439 million square feet of logistics space, according to Nuveen.
Earlier this month, the TIAA-affiliated company received a $94 million loan for a 1.5 million-square-foot industrial portfolio. The mortgage encumbers six properties located in Chicago, Denver and Los Angeles.