Biotech firm expands Milford footprint with $14.5M in acquisitions
Photo | Courtesy of Google Maps
75 Fortune Blvd., Milford
Milford-based biotech Nitto Denko Avecia purchased two properties abutting its headquarters on Fortune Boulevard for $14.5 million.
Nitto Denko Avecia, Inc. purchased an 8.8-acre property at 75 Fortune Blvd. on Thursday, according to the Worcester District Registry of Deeds. On the site is a 65,000-square-foot warehouse, according to industry information provider CoStar.
"The purchase of 75 Fortune Blvd. was part of Nitto Avecia’s strategic plan for current and future growth to support the expanding oligonucleotide market. The purchase expands our Milford campus footprint as 75 Fortune is adjacent to our existing 125 and 155 Fortune Blvd properties," Tammy Cooper, Nitto Denko Avecia vice president of business development and marketing said in an email.
"The initial phase will be to expand and consolidate warehouse and flex spaces to support the new manufacturing expansion at 125 Fortune. Future plans include the expansion of additional analytical services for the oligo business overall in anticipation of a demand surge for oligonucleotides in the next several years," said Cooper.
The seller was a company affiliated with Consumer Auto Parts, which purchased the property for $2.5 million in 2003 from Columbia Electric Corp., according to the Worcester District Registry of Deeds.
CAP left the site approximately three months ago and relocated to 40 Kenwood Circle in Franklin.
Nitto Avecia also purchased an abutting two-acre plot at 87 Cedar St. for $500,000 from CAP, which contains a road from 75 Fortune Blvd. to Cedar Street.
Nitto Avecia specializes in developing and producing oligonucleotides, which are short DNA or RNA molecules which have a range of uses in genetic research and testing. It is a subsidiary of global manufacturer Nitto Denko Corp. based in Japan.
The company has been expanding steadily in Milford. In 2017, it expanded its manufacturing operations by 20,000 square feet, doubling its manufacturing capacity, according to a 2017 press release. In 2021, Nitto Avecia announced renovations to bring 100 new jobs to Milford. In February 2022, it submitted plans to the Milford Planning Board to increase the parking capacity from 214 to 368.
WBJ Web Partners
Most Recent
Most Recent
0 Comments