Monarch Capital Partners completes $10.7 million acquisition of 115 and 117 Flanders Rd.

Westborough, MA Monarch Capital Partners (Monarch), a Boston-based commercial real estate investment firm, has completed its first acquisition: 115 & 117 Flanders Rd. The 115,241 s/f flex/R&D/office and shallow-bay industrial property was acquired on September 29, 2026, for $10.7 million, or $93 per s/f.

The acquisition was completed through a joint venture between Monarch and Lockspur Real Estate (Lockspur), founded by Jeffrey Levine, with LP capital from a family office. The transaction marks Lockspur’s seventh deal in Massachusetts in the past 18 months. Monarch sourced the off-market opportunity, which was facilitated by Roy Sandeman of CBRE.

Situated on 26.8 acres, 31 miles west of downtown Boston, the property offers access to I-495, the Mass. Tpke. (I-90) and Rte. 9. The buildings are 52.5% leased, with tenants including Resonetics, a medical device manufacturer; Ameresco and Ingenium Power, both energy infrastructure companies; VAIA Technologies, a developer of AI-powered camera systems; and Alioth Biotech, a provider of advanced filtration systems for the pharmaceutical industry.

“Increasing public and private investment in ‘tough tech’ — businesses that translate scientific and engineering advances into real-world products and systems — is an important driver of our investment thesis,” said Malcolm Constable, managing partner of Monarch Capital. “Greater Boston’s concentration of research institutions, engineering talent and skilled workers makes it a natural hub for these industries, particularly medical technologies, cleantech, defense and robotics, where access to talent is critical to moving innovations from research into production. Flanders Rd. offers accessible, flexible space for these users, with an attractive acquisition basis that allows us to invest meaningfully in the property and tenant experience.”

The joint venture plans to complete a capital improvement program by the first quarter of 2027, including renovations to lobbies, bathrooms and common areas, HVAC upgrades and landscaping improvements. The plan includes removing portions of the second-floor office to create additional higher-bay space for incoming tenants. These improvements will be paired with an active leasing program led by Sam Crossan and Allison Powers of JLL.

“Our experience repositioning flex/R&D and advanced manufacturing properties has shown us the value of adapting existing buildings to the way companies operate today,” said Jordan Berns, founding partner of Monarch Capital. “By improving building systems, creating more higher-bay space and upgrading common areas, we can broaden the property’s appeal while supporting the businesses already here.”

“Flanders Rd. brings together the fundamentals we seek: a highly accessible location, an established base of R&D and manufacturing tenants, and an acquisition basis that supports meaningful reinvestment,” said Jeffrey Levine, founder of Lockspur Real Estate. “Together with Monarch, we plan to reposition the property to meet the evolving needs of Greater Boston’s innovation economy and create lasting value.”

The acquisition advances Monarch’s strategy of acquiring and repositioning industrial, flex/R&D and advanced manufacturing assets in greater Boston. At $93 per s/f, the basis is materially below replacement cost, and the market has seen multiple trades of comparable stabilized properties for well over $200 per s/f in the past year. The firm seeks to acquire individual assets and portfolios to build scale and attract institutional capital.

Roy Sandeman of CBRE served as the sales broker and Andrew Stone of CBRE arranged financing provided by TruNorth Bank.