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New Boston Acquires, Recaps Flex/Office

MANASSAS, VA-Buchanan Partners is selling majority ownership of the 125,000-sf three-building asset in an 80% to 20% JV structure.

By Erika Morphy | Updated on May 09, 2008

[IMGCAP(1)]MANASSAS, VA-New Boston Fund has acquired and recapitalized Innovation Business Center, a three-building, 125,000-sf, flex/office property that is located within the sprawling, 1,500-acre Innovation at Prince William Technology Park. The 11-acre Innovation Business Center was developed by Buchanan Partners in 2006 for $16.3 million, according to information released at the time. New Boston has acquired an 80% ownership interest in the property from Buchanan Partners, which will retain the remaining 20% interest.

[IMGCAP(2)]Patrick Shooltz, senior vice president and regional director for New Boston Fund declined to discuss the pricing for the acquisition and recap of the property, other than to say it is a good fit for the company’s diversified portfolio. “This acquisition addresses several component of our investment strategy, which is diversified across product type and regions. It is a solid asset in a strong market.” The center was acquired with funds from New Boston Fund VII, which focuses on capital preservation and value enhancement.

Slightly less than 25% of the space is vacant; New Boston intends to add value by leasing up the remaining space. Asking rents at Innovation Business Center are $15.25 per sf, which is a blended rate depending on the scope of the build out.

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