Westborough office complex sold for $25.7M
A Manhattan-based real estate investment firm has purchased the headquarters of BJ’s Wholesale Club for $25.69 million.
Deed records indicate that ANGL Wholesale LLC, an affiliate of Angelo Gordon & Co., bought the Westborough office complex Jan. 10 from 25 Research Drive LLC, an affiliate of Natick real estate firm National Development.
BJ’s agreed in 2011 to a 15-year lease of the entire three-building, 282,027-square-foot complex at 25 Research Dr. The ownership change will have no impact on BJ’s operations, said company spokeswoman Kelly McFalls.
The site served as National Grid’s United States headquarters until 2007, when the company began a gradual move to Waltham. BJ’s announced in March 2010 that it would relocate from Natick to the site. Areva, a French nuclear energy company, has also had a presence at 25 Research Dr.
The 68.4-acre site is capable of supporting an additional 250,000 to 500,000 square feet of commercial development, according to Jones Lang LaSalle, which marketed the property under prior ownership. The buildings were constructed in 1963 and 1968, and received major upgrades in 2001.
Angelo Gordon said on its website that it specializes in sales-leaseback financing for corporate real estate. The company’s other Massachusetts investments include a fish and seafood processing warehouse in Gloucester.
Neither Angelo Gordon nor National Development responded to requests for comment.
National Development purchased the property in June 2011 for $18.03 million.
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