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Nokia-Leased Property Sold to Novaya for $31.5M

Boston-based Novaya Real Estate Ventures has acquired a nearly 300,000-square-foot lab and R&D facility that’s fully leased to Nokia of America Corp. for $31.5 million.

The facility at 1 Robbins Road in Westford has been used as a telecom facility by Nokia and its predecessors since the 1990s.

CBRE’s capital markets team represented seller, an affiliate of Lone Star Funds, and procured the buyer. CBRE’s debt and equity team sourced the debt financing for Novaya. Middlesex Savings Bank granted a $20.5 million mortgage, according to Middlesex County Registry of Deeds records.

B&T Daily