Photo courtesy of the town of Medway

An industrial property in Medway has changed hands for $18.6 million.

The 162,736-square-foot building at 51 Alder St. sold to Berkeley Partners. The San Francisco-based investment firm has bought over 900,000 square feet of industrial, flex and warehouse space in Eastern Massachusetts in the last two years, largely along Interstate 495.

Built in 2001 by seller Conroy Development, 51 Alder St.’s frontage spans over a half-mile along I-495, and is situated near a number of hotels, restaurants and retail as well as a variety of well-known industrial and last-mile conglomerates.

The property is 91 percent leased, according to CBRE, which represented Conroy and procured the buyer. Tenants of the light industrial and warehouse building, which boasts 24-foot clear heights, include Verizon and AZZ.

The CBRE Boston Investment Sales team included Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Dan Hines