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Avison Young Announces Sale of 25 Research Drive

| February 27, 2014 | 0 Comments

Westborough, MA — Avison Young recently announced today the sale of 25 Research Drive, a 282,028 square foot (SF) Class A office building located in Westborough, MA. Avison Young represented the seller National Development/Charles River JV LLC in this $26,700,000 transaction, the buyer was AGNL Wholesale LLC.

“The building was 100% leased at the time of the sale, demonstrating the desirability of the building to the marketplace and giving the new owners the benefit of a long term strong credit tenant”, says Principal Michael Smith.

25 Research Drive, a prominent 32.5 acre site, is a highly visible and distinguished campus. 25 Research Drive benefits from its strong central location at the junction of Route 9, I-495, and I-90. Its location allows for immediate access to regional highways. 25 Research Drive has a full service cafeteria, a 260-seat auditorium and a landscaped interior courtyard. The property is 100% leased to BJ’s Wholesale Club until 2026.

“Given the appetite in the capital markets for long term net leases with quality companies, we thought that it was an appropriate time to exit the investment to a core investor.  We look forward to ultimately redeveloping the 30 acres of excess land that we retained as part of this transaction,” stated Bryan Clancy, Managing Director of Charles River Realty Investors.

Charles River Realty Investors LLC is a real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm and its principals have successfully acquired and/or developed over 20 million square feet of real estate with a value of over $3 billion.

National Development is one of metropolitan Boston’s largest real estate operating companies, having developed and/or acquired over 21 million square feet of office, retail, multi-family, R&D/laboratory, hotel, industrial and senior housing projects.

Category: All, Real Estate

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