Rivertech Park Sale Seen Topping $45M

BILLERICA, MA-If commercial real estate sales prices have peaked, one would not know it from a pending deal here in which the New Boston Fund will reportedly reap more than $160 per sf for Rivertech Park, twice what the real estate investment firm paid five years ago in acquiring the two-building, 285,000-sf asset. According to sources, KBS Realty Advisors of Newport Beach, CA, has agreed to pay between $45 million and $48 million for Rivertech, also known as 129 Concord Rd.

Rivertech Park is leased to a pair of new-age enterprises, one specializing in fuel cells and the other a supplier to the semiconductor industry. “It’s a dynamic property and they have some great tenants,” one broker familiar with Rivertech says in explaining investor interest in the park. Both Nuvera Fuel Cells and Entegris have long-term leases. Struck last year, the Nuvera lease marked a turnaround for Rivertech, a large portion of which had been vacant since the departure of CR Bard Manufacturing Co. in 2000. Nuvera agreed to relocate from Cambridge, spending $15 million to further upgrade the Rivertech space where it now houses hundreds of employees in 110,000 sf of office and manufacturing space.