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KBS REIT Divests Boston Asset

Quincy, MA-based Jumbo Capital Management and Boston Andes Capital acquired Rivertech Park in Billerica, MA from Newport Beach, CA-based KBS Real Estate Investment Trust for a reported $42.2 million. Located at 129 Concord Rd., the property consists of two two-story office/R&D buildings.

The 285,700-square-feet of high-quality R&D space is in high demand in the market, and sits on more than 30 acres. The property is currently 100% leased by two strong credit tenants on a long term basis.

KBS’ Shannon W. Hill says, “The tenant retention speaks to the quality of the property, and ensures it will be a positive investment for its new owners.”

Cushman & Wakefield’s Brian Barnett, Peter Joseph and Steffen Panzone represented KBS REIT I in the transaction. KBS REIT I acquired the property in March of 2008.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition