The former Ardagh Group glass bottling plant in Milford has been sold for $4.1 million to a joint venture of investment firms with plans to redevelop the space for a modern industrial use.
New Mill Capital Holdings of New York, Odyssey Real Estate Capital of Las Vegas and Joseph Finn Co. of Boston make up the group that purchased the vacant manufacturing space, forming a legal entity called Milford National LLC.
The transaction closed Dec. 13, according to records with the Worcester County Registry of Deeds.
Recorded last week was a mortgage for nearly $6.9 million on the property, granted to the trio of firms.
The 368,000-square-foot plant closed in March due to what Luxembourg-based Ardagh Group company said was a decline in demand for glass bottles from the U.S. beer market.
The trio of real estate and investment groups said in a Thursday press release they plan to sell the remaining equipment and commence a significant demolition and renovation program to bring the 32-acre property up to modern warehousing standards.
Principals of the firms commented on the possibilities for the property, including the use of a direct rail service.
“We plan to make a significant investment in the real estate in order to bring a modern and functional rail-served building to the thriving Boston industrial market,” said Gregory Schain, principal of New Mill Capital Holdings, in a press release.
The property could be used by either a single tenant or multiple uses, said Grahan Nelson, managing director of Odyssey Real Estate Capital.
“Given added amenities including direct rail service, heavy power and ample trailer parking, the building will be attractive to a wide array of industrial users that are looking for space in New England,” Nelson said in a press release.
