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KBS Completes $45M Rivertech Park Buy

BILLERICA, MA-Seller New Boston Fund reaps nearly double what it paid for the 285,000-sf property.

By Joe Clements | Updated on February 22, 2008

BILLERICA, MA-KBS REIT has completed its purchase of Rivertech Park here, with the firm paying $45.2 million for the two-building complex at 129 Concord Rd. The asset was sold by New Boston Fund, which had acquired Rivertech in 2002 for $23 million.

“Physically, it is in very good condition,” KBS SVP Shannon Hill tells GlobeSt.com in reviewing the firm’s willingness to see the Rivertech acquisition through despite the rocky sales climate that has enveloped commercial real estate since mid-summer 2007. Original owner Nortel Networks had infused the property with an exceptional level of technology, he notes, and New Boston Fund ensured the expanded park was equally endowed. “That’s by and large what attracted the tenants,” says Hill.

Hill also lauds the $385 million expansion of Route 3, the roadway that Rivertech is located along. “It has made the area much more accessible,” he says of the initiative earlier this decade that widened Route 3 to six lanes. The project has been propitious for the Interstate 495 North submarket, says Hill, because rising rental rates in Cambridge and along Route 128 are spurring many firms to consider alternate markets such as Billerica and abutting Chelmsford.

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