Lincoln North, a Class A office building located at 55 Old Bedford Road in Lincoln, has been sold for $28.5 million.

The CB Richard Ellis Capital Markets Team of Boston represented the seller, IBUS Asset Management, and procured the buyer, FFMS Lincoln North LLC, an affiliate of Lincoln-based Cranberry Hill Assoc.

Larry Smith, president of Cranberry Hill Assoc., was the original developer of Lincoln North and has continually served as the property’s manager.