The three-building Hill Office Park in Milford has been sold for $4.13 million, the second time the building has been sold since 2020.
Located at 113-117 Water St., the medical-focused office park was sold to an entity managed by Mario Minardi of Worcester in a deal finalized on Monday, according to Worcester District Registry of Deeds records.
The property was sold by an entity managed by Karim Jouki of Northborough, who had purchased the site for $4.3 million in 2020.
The building is 76% occupied with 12 tenants, including Milford Regional Medical Center, Metrowest Oral Surgery, and Asthma & Allergy Physicians, according to a Thursday press release from Marcus & Millichap, the California-based firm with a Boston office facilitating the sale.
“This is the second time we’ve sold this medical office building since 2020. Closing this sale despite a 25% vacancy is indicative of the demand for medical-focused space,” Harrison Klein, managing director of investments in Marcus & Millichap’s Boston office, said in the press release. “The buyer, a private family, reflects the current pool of investors for similarly sized office buildings in New England.”
The property is 3.5 acres and contains 39,424 square feet of medical office space built in 1985. It is located about three miles from Interstate 495 and less than a mile from Milford Regional Medical Center’s main facility.
The parcel received a 2025 tax assessment value of $5.03 million, according to Town of Milford property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
