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
- Ownership pursued a value-add opportunity by leasing existing vacancies and completing several deferred capital improvements.
- The asset presented an opportunity to create value by acquiring the buildings at a low basis and executing a cost-effective modernization plan, positioning the portfolio as a more affordable alternative within the market.
Opportunity/Highlights
- Achieved 100% occupancy and significant NOI accretion within one year of ownership through growing tenant relationships and strategic lease negotiations.
- Significant value-add leasing opportunity, as the majority of leases were 20–30% below market at the time of acquisition.
- Sold one of the four buildings off-market for $15,250,000 PSF. The sale resulted in a 3.92x multiple within an 18-month period.
- The portfolio is strategically located directly off I-495 and just one exit south of the Massachusetts Turnpike. In addition to direct highway access, the properties benefit from proximity to Route 85 and Route 16.
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