Natick’s Stonegate Group pays $6.1 million for Westborough property
WESTBOROUGH — The real estate company that is proposing to redevelop the former St. Patrick’s School in Natick has snapped up a multi-tenant office building in Westborough.
Stonegate Group, which is based in Natick, paid $6.1 million earlier this year for the 57,421-square-foot office building at 134 Flanders Road.
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The building currently houses seven businesses, and is the latest in a series of a commercial pickups that Stonegate has been associated with in the past 18 months.
“We’ve been able to see a lot of value in these types of properties,” said Stonegate President Dean Calivas. “When we see a property like this, with a purchase price that is low and there is space for us to make some improvements, we want to add it to our portfolio.”
Stonegate has acquired several other properties in recent months, including 235 West Central St. in Natick, a 26,000-square-foot office building; 190 Pleasant St. in Ashland, a 8,200-square-foot flex industrial space; and a 20,000-square-foot retail building in Braintree.
For the past seven years, the company has been working to redevelop the former St. Patrick’s School at 45 East Central St. in Natick, proposing to convert the property into a mixed-use development featuring 54 housing units and restaurant and retail space.
In Westborough, Calivas said all seven businesses in the Flanders Road property would remain. There are also two vacant spaces, which Calivas said are being marketed and showing “strong interest.”
“MetroWest is our ideal area; we have familiarity with the area and have been involved with projects around Flanders Road before,” Calivas said.
The three-story property was built in 1988 was most recently renovated in 2017. Tenants include medical supply company CONMED, utility service company Osmose and property developer Toll Brothers.
“We are extremely pleased to announce the purchase of this prominent property,” said Stonegate CEO Sean McGrath, in a statement. “134 Flanders Road is yet another addition to the growing list of commercial properties in the Greater Boston and MetroWest markets added to our portfolio over the past eighteen months.”