The park will reportedly fetch $100 per sf, which would put the sale price at approximately $20 million. Representatives from National Development did not return calls by deadline and New Boston Fund issued a "no comment." The park consists of two 102,000-sf R&D/office buildings situated on 26 acres of land at 155 and 159 Swanson Rd. Located immediately off Interstate 495, the facility has parking for 800 cars.
The buildings are fully leased to single tenants Setra Systems Inc, and SynQor. National Development acquired the buildings in a sale-leaseback deal with Setra in January 2003 for about $13.7 million and signed SynQuor to a 10-year lease in August 2003.
National Development and JV partner Angelo Gordon sold the former Raytheon facility to Vinco Properties in February for $12.5 million. Earlier this month, NBF and JV partner Northland Residential Development closed on a deal to develop 121 townhouses on roughly 27 acres at McLean Hospital for $85 million.
The proposed acquisition of the Boxborough property would be the second fully leased property picked up this calendar year for NBF, as the company picked up 2 Technology Dr. in Westborough from Rreef for $15.2 million in February.
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