Genzyme building sells for $21M
Courtesy Leggat McCall Properties
11 Forbes Road in Northborough recently sold for $21 million.
The Genzyme global operations and distribution center in Northborough has been sold to a Chicago investment company for $20.875 million.
The property that is long-term leased to Sanofi Genzyme was sold in March to Capri EGM. The Chicago investment company specializes in corporate sale leaseback and build-to-suit financing. The state-of-the-art operations and distribution center is used for the storage and distribution of Sanofi Genzyme's pharmaceutical products, according to Capri EGM.
It is one of four properties in the region built to Current Good Manufacturing Practices (cGMP) standards which are set by the U.S. Food and Drug Administration to assure the identity, strength, quality and purity of drug products, according to the real estate company. Capri EGM purchased the property from GN11 Forbes Road LLC, a Connecticut real estate company.
The property has increased in value by $3.375 million since it was last sold in 2010 by 11 Forbes Road LLC after Genzyme Corp., as it was called pre-acquisition, had completed renovations and occupied the building. The property is LEED Gold-certified and has extensive interior, exterior, roof and mechanical upgrades, according to Capri EGM.
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