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WESTBOROUGH, MA-A Waltham firm has added to its 300,000-sf office and industrial portfolio with the $5.2-million acquisition of a 49,000-sf former textile and manufacturing building here. Eric Brosler of Investment Property Specialists Inc. of Framingham tells GlobeSt.com that the landmark property at 69 Milk St. received "a substantial amount of interest" but sold quickly at full price to Eastport Mill LLC, an affiliate of Eastport Real Estate Services, just one week after it went on the market.
"They went after the property right away and came in at full price," Brosler says. "It's a real niche building. If you're looking for brick-and-beam loft space in Metrowest, this is it."
The three-story brick building was originally build in 1902 as a textile mill and later converted into a factory that made shoe materials and sneaker parts for the US Navy. It is more than 95% occupied by a number of small to mid-sized tenants, including XBR/DataVantage, a high-tech loss prevention firm, which is the building's largest tenant at 12,000 sf. Other tenants include Heather Tiddens Yoga and Kel & Partners.
Brosler says the seller, Westborough Mill LLC, which owned the building for about 10 years, opted to put it on the market as part of its repositioning strategy. "The building was fully developed and [the owner] wanted to move onto the next challenge."
Property records on file with the Worcester County Registry of Deeds show that the seller acquired the building in 1996 from Westborough Savings Bank for $425,000 and made several improvements. Brosler, who represented the seller and procured the buyer, says the new owner, which owns and manages multi-tenant commercial buildings throughout Greater Boston, plans to make some improvements to the property's common areas.
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