A Boston-based real estate investment trust has purchased the industrial property at 56 Milliken Road in Portland, which houses Paradigm Windows and AdvancePierre Foods, formerly known as Barber Foods, for $10.5 million, the company said Tuesday.

Plymouth Opportunity REIT Inc. said it purchased the building, its first in Maine, as part of a series of acquisitions over the past six to eight weeks.

A REIT is an investment firm that buys and maintains a portfiolio of commercial properties. If successful, REITs pay recurring dividends to their investors based on the lease revenue those properties generate.

REITs tend to invest in properties that have long-term tenants because they are more likely to continue generating lease revenue for years to come. Plymouth spokesman Tod Perry said the company is not planning to make any changes to the Milliken Road property.

Perry said the building is the first one in Maine that the REIT has purchased, but that there could be more in the future.

“It just fit our profile of (class) B industrial space in locations with regional transportation hubs,” he said.

According to its most recent annual report filed with the U.S. Securities and Exchange Commission, as of Dec. 31, 2013, Plymouth had raised about $10.5 million from private investors, which it used to buy apartment, industrial and warehouse properties in Georgia and Ohio that had thus far generated lease revenue of about $7 million.

J. Craig Anderson can be contacted at 207-791-6390 or at: canderson@pressherald.com

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