A Pennsylvania-based firm specializing in the development of outdoor storage sites has purchased a Framingham property containing a 68,000-square-foot warehouse for $12.25 million.
An entity associated with Alterra Industrial Outdoor Storage purchased the property at 146 Leland St. in a deal finalized Monday, according to Middlesex South Registry of Deeds records.
The site was purchased from an entity affiliated with Brookline-based Boston Realty Investments, which had bought it for $3.6 million in 2014.
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Verizon has used 146 Leland St. as a telecommunications operations facility, having been most recently granted a license from the Federal Communications Commission for the site in 2019.Â
Alterra focuses on acquisition, development, management, and leasing of outdoor storage facilities, which are seeing large demand amid lean supply, according to CNBC. These types of spaces are commonly used by companies to store vehicles, construction equipment and materials, and other supplies.Â
Alterra has raised more than $1.8 billion in institutional financing and $1.45 billion in equity, as it looks to capitalize on demand, according to a June company announcement.Â
Alterra did not respond to a WBJ request for comment regarding its plans for the site.
The single-story warehouse at the site was built in 1973, according to City of Framingham property records. The roughly eight-acre site received a 2026 assessment of $5.75 million. Â
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.Â
