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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.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition