The embattled instant photography company has been struggling to reduce its debt and selling off a number of its real estate holdings in the Greater Boston area has been part of that plan. When the property here came on the market nearly six months ago, it was believed that it would go for up to $100 million.
Polaroid spokesperson Skip Colcord says the company is not disappointed in the selling price. "We were hoping for as much as we could get," he tells GlobeSt.com. "We're pleased we're able to sell the property."
In addition to the sale price, Polaroid will be able to share in proceeds from additional development of the site. "If we get development rights above what is permitted in the existing zoning, they would get additional payments," John Davis of the locally based Davis Cos., tells GlobeSt.com.
Davis emphasizes that this kind of stipulation is not unusual in these kinds of deals. The parcel is currently zoned for limited commercial use, allowing office, manufacturing, biotech and flex uses and offers the opportunity for further development.
Polaroid plans to continue to lease space at the site where it currently employs 750 people and manufactures and assembles instant film. The company purchased the land in the 1960s and constructed the four buildings, which are located just off Route 128 here.
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