Neelon Acquires HQ of Instrumentation Laboratory

LEXINGTON, MA-A building caught in a bit of suburban leasing drama has been sold, with an affiliate of Neelon Properties paying $12.4 million for 113 Hartwell Ave. The single-story, 105,000-sf structure has been occupied for decades by Instrumentation Laboratory, a medical devices firm that recently purchased its own building.

Instrumentation Laboratory is a tenant at the adjacent 101 and 113 Hartwell Ave., the latter of which was owned by Gateside Corp. through affiliate Gateside Lexington LLC. The Rye, NY-based firm had held a stake in 113 Hartwell Ave. for nearly 20 years. Efforts to contact company officials by press deadline were unsuccessful, keeping unanswered the question of whether the sale was prompted by Instrumentation’s pending departure, a notion advanced by one observer familiar with the property. “It’s going to take some work” to reposition the asset, says the broker, maintaining that Gateside opted to hand that chore over to another investor.

Gateside also owns 5 Chrysler Rd. in Natick. It is unclear whether the firm has any other Massachusetts holdings. Gateside has ventured into various asset classes over the years throughout the northeast, including industrial, multifamily and office.