Ashland industrial campus sold for $27.9M to Boston investment firm

Rhino Capital Advisors of Boston is the new owner of an industrial campus in Ashland, following a $27.87-million acquisition.

An entity owned by Rhino Capital purchased the campus, located at 400 Main St. and 50 Leland Ave., from Florida-based entities Pout Rock LLC and Cold Spring Brook LLC in a deal finalized on Friday, according to Middlesex South Registry of Deeds records. 

The 18-acre property at 400 Main St. contains a 160,000-square-foot industrial building, according to Town of Ashland property records. The building is the headquarters of Kidde-Fenwal, a fire protection equipment supplier with facilities in the United States, the United Kingdom, and India, according to the firm’s website.  

Kidde-Fenwal, a subsidiary of Florida-based Carrier Global, also occupies 50 Leland Ave., a 58,600-square-foot building sitting on 3.9 acres of land.

Rhino Capital is a privately-held firm with residential, commercial, and industrial properties in Massachusetts and New Hampshire, including 50 Shrewsbury St. in Boylston, a 55,175-square-foot warehouse used by cash handling firm Loomis.

The deal was an off-market transaction facilitated by JLL, a Chicago-based real estate firm with a Boston office, according to Traded: Boston, a website tracking commercial and multi-family transactions.  

The property at 400 Main St. was given a 2025 tax assessment value of $7.02 million, while 50 Leland Ave. was given a value of $3.08 million, according to Town of Ashland property records.

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.