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Monarch Capital buys Westborough MA flex and industrial property
The 115,241-square-foot asset at 115 and 117 Flanders Rd. was purchased for $10.7 million, or about $93 per square foot, in an off-market joint venture deal.
Monarch Capital Partners, a Boston-based commercial real estate investment firm, completed its first acquisition, buying the property at 115 and 117 Flanders Rd. in Westborough, Massachusetts, according to ConnectCRE.
The transaction covers a 115,241-square-foot flex, R&D, office, and shallow-bay industrial building and was priced at $10.7 million, about $93 per square foot.
The purchase was completed through a joint venture between Monarch and Lockspur Real Estate, with Monarch sourcing the off-market opportunity that was facilitated by Roy Sandeman of CBRE.
The site spans 26.8 acres, is about 52.5% leased, and includes tenants such as Resonetics, Ameresco, and Ingeniu.