August 22, 2008
Northborough Industrial Park Sold For $39M
Boston-based Cabot Properties Inc. has purchased a Northborough industrial park for $39 million.
Jones Lang LaSalle, the Boston real estate broker and management firm that handled the transaction, said the six-building property, known as the I-290 Industrial Park, is currently 90 percent leased. The property includes 576,930 square feet of space, with the potential for another 45,000 square feet of development.
Cabot bought the property from a Chicago company known as TMT 290 Industrial Park, closing the deal on Aug. 1. According to press reports, the property was put up for sale in January.
The park, built between 1975 and 1980, is located just off I-290.
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