Milford retail space purchased for $10M by Oxford real estate investor

An Oxford-based real estate investor and developer has acquired a 56,298-square-foot retail building in Milford for $10 million. KBG Realty Properties, an entity managed by Michael Byrnes, purchased Building B of Quarry Square in a deal finalized on Wednesday, according to Worcester District Registry of Deeds records. The property is located at 196 East Main St. The site was purchased from an entity affiliated with Burlington-based real estate firm R.J. Kelly Co.  Quarry Square is a roughly 197,000-square-foot commercial complex that has been repositioned from a traditional shopping center into a mixed retail and industrial campus. Building B contains the retail elements of the complex. The center formerly housed large-format retailers including Stop & Shop and TJ Maxx. After those anchors left, R.J. Kelly Co. converted the former anchor-building area into about 141,000 square feet of industrial/flex space, while retaining the retail site on the other side of the property, according to a 2022 announcement from Washington Trust.   Byrnes is the owner of Byrnes Real Estate Group and its holding company MB Corp., both based in Oxford. Byrnes also runs Byrnes Property Management and Byrnes Residential & Commercial Cleaning, among other endeavors.  Tenants at the building purchased by Byrnes include TD Bank, The UPS Store, Sport Clips and Miracle-Ear, with all of the retail spaces at the building currently occupied.  The industrial aspect of the site, not included in the purchase, is utilized by Ambri, a Marlborough-based battery-storage company.  Byrnes was represented by Jonah Glickman and Cody Miner of Worcester-based NAI Glickman Kovago & Jacobs. The firm said in a Wednesday announcement the site offered a stable source of income with long-term upside potential. R.J. Kelly Co. was represented by Justin Smith and Matt Ericson of Boston-based Atlantic Capital Partners. Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.