Monarch Capital Makes First Acquisition with Off-Market Deal

Monarch Capital Partners, a Boston-based commercial real estate investment firm, completed its first acquisition: 115 & 117 Flanders Rd. in Westborough, MA. The 115,241-square-foot flex/R&D/office and shallow-bay industrial property was acquired for $10.7 million, or approximately $93 per square foot.

The acquisition was completed through a joint venture between Monarch and Lockspur Real Estate, founded by Jeffrey Levine, with LP capital from a family office. Monarch sourced the off-market opportunity, which was facilitated by Roy Sandeman of CBRE.

Situated on 26.8 acres approximately 31 miles west of downtown Bostonthe buildings are 52.5% leased. Tenants include Resonetics, a medical device manufacturer; Ameresco and Ingenium Power, both energy infrastructure companies; VAIA Technologies, a developer of AI-powered camera systems; and Alioth Biotech, a provider of advanced filtration systems for the pharmaceutical industry.

“Increasing public and private investment in ‘tough tech’—businesses that translate scientific and engineering advances into real-world products and systems—is an important driver of our investment thesis,” said Malcolm Constable, Managing Partner of Monarch Capital. “Greater Boston’s concentration of research institutions, engineering talent and skilled workers makes it a natural hub for these industries.”