MARLBOROUGH, MA-Two joint venture entities have outbid several prospective buyers to take ownership of a 41,781-sf office and research and development building here. Marlborough Bartlett LLC and Forty-Five Bartlett Street LLC paid full price for the 45 Bartlett St. property in a $3.5-million deal that gave the new owners a fully occupied building on 5.9 acres of land off Route 495.
Scott Hughes, president of New Dover Associates in Framingham, tells GlobeSt.com that seller, TV Marlborough LLC, received several offers on the building, which was on the market for about six months, but selected the joint venture buyers because of their full price bid. "It was a very desirable property," Hughes says of the freestanding, single-story building. Approximately 18,000 sf was leased for 10 years to Axcel Photonics Inc., which develops, manufactures and markets high power diode lasers. New tenant Adjoined Consulting Inc., a management consulting and integration firm, took the remainder of that space for an unspecified term, Hughes says.
Constructed in 1972 and renovated in 1999 and 2005, the property, which features three loading docks and an fully renovated data center, will undergo another upgrade when its new owners begin renovation work on the building's lobby, Hughes adds. The seller, who was represented by Hughes, plans to use proceeds from the sale to purchase another property in Marlborough in January as part of a 1031 exchange, he says. The joint venture buyers were represented in the acquisition by O'Donnell & Associates Realty of Kingston.
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