Worcester Business Journal
Industrial Polymers and Chemicals, Inc. sold its 87,200-square-foot Shrewsbury headquarters for $9.25 million in a leaseback deal closed Friday.
The sale was brokered by Worcester real estate firm Kelleher & Sadowsky Associates.
Industrial Polymers and Chemicals, which supplies fiberglass reinforcements to the abrasives industry, will remain as a tenant at 508 Boston Turnpike in Shrewsbury, using 47,000 square feet.
The manufacturer sold the property to Daniel Apelian, president and CEO of Northborough-based AllCare Plus Pharmacy, according to Kelleher & Sadowsky. AllCare, which Apelian founded in 2008, is the first full-retail, full-service pharmacy specializing in HIV/AIDS, Hepatitis C, and chronic illness, he said.
Industrial Polymers and Chemicals bought the 5.8-acre property, which includes 504-512 Boston Turnpike, for $2.65 million in 1995. It is now assessed by the Town of Shrewsbury at more than $5.82 million.
Located at the intersection of Route 9 and Lake Street, the property houses a number of retailers including Indian supermarket Patel Brothers, brewing supply store Deja Brew, and GC Results Fitness.
There are 6,200 square feet of space currently vacant and available for leasing, said Will Kelleher, who brokered the deal with Paul Matt at Kelleher.