"Great Point Investors was attracted to the property by its stable and solid credit tenants, the quality of the improvements and the long-term upside offered by the rent roll," says Cushman & Wakefield senior director Peter Joseph, whose firm brokered the deal on both ends. C&W colleagues James Belli, Christopher Phaneuf, Thom Powers and J.P. Plunkett joined Joseph in handling the transaction.

Built in 1973 and 1989, 15-45 Dan Rd. was upgraded by New Boston Fund after the private opportunity investor purchased the buildings three years ago for $10.2 million. The 276,000-sf of space is now fully occupied, with such firms as Home Depot, Stop & Shop Supermarkets, Safety First and Network Engines all using the property as their regional headquarters. Great Point Investors, which made the acquisition on behalf of an institutional pension fund, has also hired C&W to manage the property.

Founded by the high-profile Rappaport family in 1993, the New Boston Fund has been one of the more active real estate companies in recent years, with holdings throughout New England and as far west as Ohio. Among its purchases this year have been Watermill Center, a 206,000-sf office building in Waltham bought for $35.6 million, as well as 33 Boston Post Rd. in Marlborough, a 107,000-sf property acquired for $12 million. In all, New Boston plans to exceed $200 million in acquisitions this year following $257 million worth of purchases in 1999.