Photo courtesy of JLL

A new commercial real estate firm made its first acquisition in Westborough, reflecting its investment focus on properties that cater to the growing “tough tech” sectors.

Boston-based Monarch Capital paid $10.7 million for 115 and 117 Flanders Road, which contains 115,241 square feet of flex/R&D/office and shallow-bay industrial space. The purchase price equates to $93 per square foot.

The new owners plan to remove portions of second-floor offices to create high-bay space for their targeted tenant base.

The property is nearly 53 percent leased to tenants including medical device manufacturer Resonetics, energy infrastructure companies Ameresco and Ingennium Power, AI-powered camera system developer VAIA Technologies and pharmaceutical filtration system manufacturer Alioth Biotech.

“Greater Boston’s concentration of research institutions, engineering talent and skilled workers makes it a natural hub for these industries, particularly medical technologies, cleantech, defense and robotics, where access to talent is critical to moving innovations from research into production,” Monarch Capital Managing Partner Malcolm Constable said in a statement.

TruNorth Bank provided $10.3 million in financing, which was arranged by CBRE’s Andrew Stone.

Constable and Founding Partner Jordan Berns have more than 45 years of combined commercial real estate experience.

The transaction is a joint venture with Needham-based Lockspur Real Estate, with capital from a family office. The companies plan to reposition the property to attract innovation economy tenants, according to a statement from Lockspur Real Estate Founder Jeffrey Levine.

Other capital improvements scheduled for completion by the first quarter of 2027 include lobby, bathroom and common area renovations and HVAC upgrades.

JLL’s Sam Crossan and Allison Powers are the leasing agents.