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April 19, 2024

Former Reliable Tool property in Milford sold for $1.5M

Costar 435 Woodmont Road, Milford.

The former Reliable Tool & Die company property in Milford has been sold to a real estate investment group for more than $1.5 million.

Owner Russell J. Vecsey, of Arizona, sold the 20,180-square-foot building at 435 Woodmont Road, to Team Woody LLC and principals Qi Y Chen and Singso Chan, for $1.57 million in a deal recorded April 15..

The building dates back to 1987. Vecsey had been the owner since 1992, when he bought it for $815,000, according to city records. 

Occupied by Reliable Tool & Die Inc. since 1992, the property has been vacant for several months after Reliable was acquired by a larger company and relocated to Vermont.

The building sits in the city’s limited industrial zone that allows many uses, including manufacturing, warehousing, offices, computer centers, scientific and research laboratories, and printing and publishing establishments.

The one-story industrial building also has nearly 3,000 square feet of office space, loading docks, parking and heavy power.

Jon Angel, president and founder of Southport-based Angel Commercial LLC, represented the seller in the deal.

He said the new owners have not yet determined a future use for the building, and that occupying the building themselves or leasing it out are both options.

Industrial inventory in the Milford market is very low, Angel said, making it a desirable spot for potential tenants.

The new owners plan to make some upgrades to the building, especially systems such as HVAC and electrical.

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