Lightstone Group Purchases Amazon Robotics Property for $43 Million
Lightstone Group is acquiring a 139,000 SF office building in North Reading for $43 million from Atlantic Management. The transaction reflects a significant appreciation in property value, as Atlantic purchased it for $20 million in 2021.
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Lightstone Group has reached an agreement to purchase a 139,000 SF office property at 400 Riverpark Drive in North Reading for $43 million, marking a notable financial gain for Atlantic Management, which acquired the building for $20 million in 2021. Amazon Robotics, which has occupied the property for over ten years, renewed and expanded its lease to encompass the full building, having started with less than 41,000 SF.
The site also features amenities including a yoga studio and fitness room. Lightstone is expanding its New England portfolio, having recently acquired other properties for significant amounts, indicating strategic growth in the region. This acquisition may enhance Lightstone's positioning in the competitive office market.
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