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November 23, 2020

Planned Milford Amazon site sells for $53M

Photo | Google A former bottling plant at 1 National St. in Milford is being converted into a new Amazon distribution facility.

A sprawling planned Amazon distribution warehouse site in Milford has sold for nearly $53 million, months after the online retail giant signed a lease agreement for the property.

The site of the 320,000-square-foot warehouse was bought by Nuveen Real Estate Global Cities Advisors, a New York real estate investment firm. The deal, which closed Tuesday, comes just under two years after the former Ardagh Group glass bottling site sold for $4.1 million.

The sale price is the latest indication of the rising value of such distribution facilities, including along the I-495 belt. Last year alone, another Amazon facility in Milford sold for $34 million, and a FedEx warehouse in Natick sold for $52 million. Facilities further from Boston and with easy highway access are also selling for large sums. The West Boylston warehouse of retail distributor Bunzl New England sold in October for $14.6 million.

[Related: More need for online fulfillment centers has turned the I-495 belt into a distribution hub]

Amazon's site at 1 National St. in Milford will bring use back to a site long used by the Ardagh Group before the bottling plant closed in 2018. An investment group bought the 32-acre site in December 2018 and has since renovated the site. The group committed to roadway improvements and other stipulations before winning town permitting approval this summer.

Amazon is expanding operations at another facility on the other side of town, at 12 Industrial Road, by adding more than 500 parking spots nearby at Medway Road and Beaver Street. The Milford Planning Board and the Board of Selectmen gave approval in September, with required road improvements including converting a one-way stretch of Beaver Street to two-way.

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