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MILFORD, MA-An unidentified publicly traded REIT acquired the 36,000-sf biotech manufacturing facility at 155 Fortune Blvd. for nearly $6.9 million, or $190.28 per sf. The seller was Massachusetts Laborers’ Pension Fund. The building is 100% leased to Avecia Biotechnology Inc.

“A committed, solid-quality, full-building tenant had renewed a long-term lease,” says Richard Putprush, senior director in the Boston office of Cushman & Wakefield, “and this interest rate environment presented a good opportunity for investors.” Putprush, along with Robert E. Griffin Jr. and Christopher T. Griffin in C&W’s capital markets group, represented the seller and procured the buyer.

The building is located on approximately nine acres within the 1.1-million-sf Granite Park. It has direct access to I 495 and is between the Massachusetts Turnpike and I 95. “Rte. 495 is a natural next step for companies in the biotech industry,” Putprush tells GlobeSt.com. “Biotech companies in the manufacturing mode don’t need to be right next to MIT or Harvard, but can still have access to all that expertise and knowledge while obtaining a lower rental rate.”

Putprush, not a broker, declined to speculate on the rental rate at the property. On condition of anonymity, a broker familiar with rates at biotech facilities tells GlobeSt.com the rate is probably at about the $20-per-sf level versus a rate of $35 per sf or more in the Kendall Square area that borders MIT.

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