A joint venture (JV) of New Mill Capital Holdings of New York, Odyssey Real Estate Capital of Las Vegas and Joseph Finn of Boston has acquired the former Ardagh Group glass plant in Milford, Massachusetts.
The acquisition includes the real estate as well as select equipment.
New Mill Capital Holdings principal Gregory Schain said: “We are excited to be the new owners of the former glass plant and look forward to working with the business community as well as local and state officials to identify new users for the site.
“We plan to make a significant investment in the real estate in order to bring a modern and functional rail-served building to the thriving Boston industrial market.”
The new owners plan to immediately sell the remaining machinery and equipment after which it will undertake a significant demolition and renovation program to bring the 32-acre property up to modern warehousing and distribution standards.
New Mill Capital Holdings principal Tom Murray said: “Our joint venture specializes in re-positioning real estate assets through aggressive and comprehensive construction projects.
“The Ardagh plant represents a compelling opportunity to bring life back to an asset with great potential given the building’s size and infrastructure as well as its location within the low-vacancy I-495 market.”
Odyssey Real Estate Capital managing director Graham Nelson said: “We look forward to get going on this project.
“Upon completion, we’ll be delivering over 330,000 square feet of warehouse and distribution space in a property that lays out well for either a single user or to multiple tenants.
“Given added amenities including direct rail service, heavy power and ample trailer parking, the building will be attractive to a wide array of industrial users that are looking for space in New England.”
The transaction closed on December 12. Newmark Knight Frank will represent the new ownership group in marketing the property.
Source: Company Press Release