ExchangeRight has more than $7.5 billion in assets under management.
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California-based ExchangeRight Real Estate has purchased the site of a Lowe’s home improvement store in Milford for $18.5 million.
An entity managed by ExchangeRight purchased the site at 40 Fortune Blvd. in a deal finalized on Friday, according to Worcester District Registry of Deeds records.
The property was purchased from Mendon-based Meehan Realty Management Group, which developed the site, according to the Milford Daily News.
ExchangeRight has more than $7.5 billion in assets under management, focusing on retail and healthcare properties with long-term leases, according to its website. The firm focuses on investors looking for 1031 exchanges allowing for the deferment of capital gains tax.
Central Massachusetts properties in ExchangeRight’s portfolio include the site of Market 32 at 72 Pullman St. in Worcester and the former Walgreens at 472 Lincoln St. in Worcester, according to real estate data firm CoStar.
The 161,664-square-foot Lowe’s at the Milford site was completed in 2005. The 27-acre property includes 981 parking spaces.
The site received a 2026 assessment of $15.72 million, according to Town of Milford property records.
A Lowe’s site in Framingham sold to Boston-based The Mount Vernon Co. in October for $32.6 million.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
