Thursday, March 13, 2008
New Boston Fund Sells Rivertech Park
285,000-plus square feet of R&D buildings acquired by KBS Real Estate Investment Trust
BILLERICA, MA (March 13, 2008) - New Boston Fund, Inc., a real estate investment, development and management firm, recently announced the sale of Rivertech Park to KBS Real Estate Investment Trust. Rivertech Park consists of two state-of-the-art tenant R&D buildings totaling nearly 286,000 square feet, located at 129 Concord Road in Billerica.
Rivertech Park is a great example of a value-added asset which New Boston Fund stabilized through a lease in Building One to Nuvera Fuel Cells; Nuvera joins Entegris as a long-term tenant of the property. After a six-year hold period, we were able to take advantage of improving market fundamentals to maximize value for our investors, said Jonathan Gillman, Senior Vice President, Asset Management at New Boston Fund. The Route 128/Route 3 Corridor submarket has strengthened considerably over the past year and has continued to provide a strong alternative to higher priced Cambridge and Central 128 submarkets. KBS has acquired a terrific, stable asset which should provide strong cash flow for many years.
Rivertech Park was constructed in 1983 and was later renovated in 2001 by original owner Nortel Networks. Nortel had infused the property with a great deal of technology, including computer, electrical, and mechanical upgrades, making Rivertech Park attractive to future tenants. Nuvera Fuel Cells had further transformed Building One into an R&D facility in 2007.
The property is located directly off of Route 3, which has been widened within the last decade to six lanes, lending greater accessibility to the area. There is also easy access to Routes 495 and 128.
The buildings are 100% leased with Nuvera Fuel Cells occupying Building One`s 110,684 square feet, and Entegris, Inc. occupying 175,088 square feet of Building Two. Rivertech Park was acquired by New Boston in 2002 with funds from New Boston Fund V. Eastdil Secured was New Boston`s broker on the sale.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.0 billion including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.
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