Business

Westborough office building sells for $26.7m

This photo was included with Avison Young’s press release.
This photo was included with Avison Young’s press release.Credit:

AGNL Wholesale LLC has purchased a Westborough office building with roughly 282,000 square feet of space for $26.7 million, said a commercial real estate services firm involved in the transaction.

The real estate services firm is Avison Young, which represented the seller of 25 Research Drive, National Development/Charles River JV LLC, as well as the buyer.

“The building was 100 percent 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,” Avison Young principal Michael Smith said in a statement.

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The property is 100 percent 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,” Bryan Clancy, managing director of Charles River Realty Investors, said in a statement. “We look forward to ultimately redeveloping the 30 acres of excess land that we retained as part of this transaction.”

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