BILLERICA, MA-The Gutierrez Co. is purchasing 1000-1200 Technology Park Dr. here from the New Boston Fund. The two-story office/R&D property is 30%-40% leased, according to Cushman & Wakefield, which repped New Boston Fund in the deal.

"We view 1000-1200 Technology Park Dr. as a long-term acquisition which, in the fullenss of time, will creat significnt value to our existing holdings in Billerica," says Arthur J. Gutierez, Jr., president of the Gutierrez Co. in a release. Jon Gillman, SVP Asset Management at the New Boston Fund, noted that it was the fund's strategy to sell assets from previous funds. Although the companies would not disclose the sale price, the New Boston Fund purchased the 139,180-square-foot property for $5.5 million in 2004.

The fund then put roughly $5 million worth of renovations into the property over its ownership period. Cushman & Wakefield's Massachusetts office repped New Boston Fund. The team consisted of Robert Griffin, Jr., David Pergola, Christopher Griffin, BrianDoherty and leasing representative Torin Taylor.