Monarch Capital Partners has completed its first acquisition with the purchase of 115 and 117 Flanders Road in Westborough, MA, marking the Boston-based investment firm's entry into the commercial real estate ownership market. The flex, R&D, office and shallow-bay industrial property totals 115,241 square feet and traded for $10.7 million, equating to approximately $93 per square foot.
The transaction was executed through a joint venture between Monarch Capital Partners and Lockspur Real Estate, the firm founded by Jeffrey Levine, with LP capital contributed by a family office. Monarch identified the off-market opportunity and moved forward on the acquisition in a deal that was facilitated by Roy Sandeman of CBRE.
The property spans 26.8 acres approximately 31 miles west of downtown Boston, positioning the asset within commuting distance of the region's core research and employment centers. At the time of acquisition, the buildings were 52.5% leased, providing in-place income alongside remaining vacancy that may be addressed over time by the new ownership.
The tenant roster reflects a concentration of technology and infrastructure-related users. Current occupants include Resonetics, a medical device manufacturer, as well as Ameresco and Ingenium Power, both focused on energy infrastructure. Additional tenants are VAIA Technologies, which develops AI-powered camera systems, and Alioth Biotech, a provider of advanced filtration systems serving the pharmaceutical industry.
Monarch Capital's investment approach is informed by what it describes as growing public and private investment in so-called 'tough tech' businesses, which bring scientific and engineering advances to market as real-world products and systems. Managing Partner Malcolm Constable noted that Greater Boston's combination of research institutions, engineering talent and skilled labor supports demand from industries aligned with this theme.
The acquisition of 115 and 117 Flanders Road aligns Monarch Capital's inaugural deal with tenants in sectors that rely heavily on specialized facilities and technical expertise. By securing an off-market transaction in a partially leased asset tied to tough-tech and infrastructure users, the firm anchors its initial portfolio entry in a location it views as a natural hub for such industries.
