UPDATE: Marlborough Office Building Sold For $10M
Municipal vehicle upfitter MHQ has purchased its headquarters in Marlborough for $10 million.
Deed records indicate EJR Real Estate Trust, managed by MHQ chairman Charles Ribakoff, bought the office, flex and light manufacturing space Dec. 23 from Southborough-based CJS Holdings II.
MHQ had been leasing space at 401 Elm St. for nearly a decade, and currently occupies 80,000 square feet of the 133,000-square-foot complex, Ribakoff said. The purchase will make it easier for MHQ to expand in coming years, Ribakoff said, and allow the company to cash in on Marlborough’s improving real estate market.
“We think investing in Marlborough is a good idea,” he said.
Ribakoff plans to continue offering the remaining 53,000 square feet of space to existing tenants Metro Church and Bottom Line Exchange.
The deal will also allow CJS Holdings to expand its portfolio of properties elsewhere, said Ovar Osvold, an associate with NAI Hunneman, which represented CJS in the deal. Osvold said sale discussions had been taking place since August.
“We weren’t looking to sell the building too much, but the right situation came up,” he said.
The complex was constructed in 1960, renovated in 1988 and has 372 parking spaces, according to the NAI Hunneman listing. MHQ is planning to replace the roof on the building, Ribakoff said.
MHQ has been in business since 1979 and customizes vehicles for public safety personnel across the Northeast.
Updated at 12:35 p.m. with comments from Ribakoff and Osvold.
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