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New Boston Fund Sells 71,200-SF Building

SOUTHBOROUGH, MA- New Boston Fund sells a 71,200-sf Class A office building at 225 Turnpike Rd. to a local investor for $8.1 million. The private real estate investment and development firm acquired the building six years ago for $4.2 million.

By Naomi Grossman | Updated on May 16, 2002

SOUTHBOROUGH, MA-New Boston Fund sold a 71,200-sf Class A office building at 225 Turnpike Rd. for $8.1 million. New Boston, a private real estate investment and development firm, acquired the building six years ago for $4.2 million. Both New Boston Fund and the buyer, a local investor, were represented by Garry Holmes of R.W. Holmes.

The three-story building is located near the Massachusetts Turnpike and Route 495 and is 100% leased. New Boston re-leased the entire building when it purchased it and its tenants currently include Worcester Polytechnic Institute and AmeriFee. BillMcAvoy, New Boston Fund’s chief investment officer, says, “We purchased 225 Turnpike Rd. for well below replacement cost and added significant value to the asset over the last six years by leasing to Worcester Polytechnic Institute’s suburban business school.” He adds that with current market conditions, the “building’s strong tenant roster and 100% occupancy made it a very attractive investment.”

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