Marlborough, MA Mike Marcone of Marcone Capital, Inc. arranged the $38.57 million acquisition financing for a 584,648 s/f office park known as Marlborough Technology Park.

Marlborough Technology Park consists of seven buildings within a 57-acre campus along Nickerson Rd. The buildings were built between 1983 and 1986. The previous owner implemented a renovation program and repositioning of the assets starting in the fall of 2007. They spent about $9.8 million in capital improvements including the modernization of each of the building’s common areas, building systems, and amenities making them equipped for first-class tenants. 

On site amenities include a full-service cafeteria, multi-media lounge, fitness center complete with full-service locker rooms, and multi-room conference facilities. The property includes outdoor acreage and includes volleyball and basketball courts while still maintaining ample parking. The property is located with access to the I-495/Rte. 20 interchange, two miles away. The property is six miles from the Mass. Pike and four miles from Rte. 9. 

The borrower acquired Marlborough Technology Park for $46 million. The property will be managed by KS Partners, LLC, which is owned by Kambiz Shahbazi. KS Partners is a holding company that owns and operates over 4 million s/f of commercial property located in the northeastern United States.  

The acquisition of the property reflects the sponsorship’s continued commitment to acquire high quality office buildings in the Greater Boston area. 

The financing was provided by a Connecticut based bank. 

Marcone said, “The borrower was very happy to close another loan with a bank with whom they have enjoyed a strong relationship. They have not only been a great lender to work with but also provided both competitive pricing as well as a flexible loan structure.”

The city is home to a variety of retail, dining and residential options, which has helped establish this market as one of the most sought after locations in suburban Boston. Across from the property are the recently completed Talia Apartments, consisting of 225 units of residential housing. North of the property is the 880,000 s/f Solomon Pond Mall which houses 120 specialty retailers, the R.K. Centre which is anchored by Hannaford, OfficeMax and Panera, and Avalon Marlborough, a 290 unit garden-style apartment complex completed in March 2015.

Currently under construction in the area is the Apex Center of New England, a 475,000 s/f property featuring 11 high-profile buildings, a 150,000 s/f custom-designed entertainment complex, Hyatt and Marriott hotels, six restaurants, and 60,000 s/f of retail stores. This development is expected to be completed this fall. 

The city’s reputation as one of Boston’s most business-friendly cities is reflected in its growing tenant roster of global brands and biotech businesses, including General Electric, Genzyme, Quest, Dow Chemical, The TJX Companies, Boston Scientific and eClinicalWorks. Whole Foods just recently announced plans to relocate its North Atlantic headquarters from Cambridge to Marlborough. The strong labor base is evidenced by the unemployment rate in Marlborough which is currently only 3.3%. 

The property is well leased to a strong and diversified group of twenty-one tenants, the majority of which are well known international companies. The two largest tenants are Cavium, Inc. and ViaSat, both international public companies. Other major tenants include a variety of large well known global companies including Oracle, Roche, and Tetra Tech.

Marcone Capital is a mortgage banking and real estate consulting firm based in Quincy, Mass.