Pennsylvania real estate firm grows Worcester County holdings with $18M Northborough buy

Pennsylvania real estate investor EQT Exeter fueled its expansion into New England with the acquisition of a 64,000-square-foot warehouse in Northborough for $18 million.

The sale of the 41 Lyman St. property closed on Tuesday, according to the Worcester Registry of Deeds. 

The sale follows a $14.7-million acquisition on June 2 of two warehouse properties in Leominster by EQT Exeter. At the time, EQT told WBJ the company is growing its presence in Central Massachusetts and Greater Boston, while pursuing investments across New England.

The seller was AK&C Holdings, LLC, an entity registered to Donald Satterfield, owner of Boston Lawnmower Co. and Daniel Ariens, chairman and CEO of AriensCo, a Wisconsin outdoor power equipment manufacturer. 

The sale was brokered by Dallas real estate giant CBRE, which has a regional headquarters in Boston.

The building is headquarters to Crandall-Hicks Co. Inc. an authorized sales agent of AriensCo., which will remain as a tenant, according to EQT.

The property was last sold in 2017 for $3.8 million and was is assessed by the Town of Northborough for $4 million.