KBS REIT Trades MA Office Facility
- Aug 07, 2017
Rivertech Park, a two-building office/R&D property in Billerica, Mass., changed hands. The former owner is KBS Real Estate Investment Trust I, which bought the asset in 2008 for $42.2 million, according to PropertyShark data. The buyer is a joint venture between Jumbo Capital Management and Boston Andes Capital.
Cushman & Wakefield’s Managing Directors Brian Barnett and Steffen Panzone, together with Vice Chairman Peter Joseph, represented KBS in the deal.
In-demand R&D space
The asset is located on a 30-acre lot at 129 Concord Road, midway between two loops on Northwest Expressway. The two buildings offer 285,700 square feet of office and R&D space and are fully leased on a long-term basis to two credit tenants, Entegris Inc. and Nuvera Fuel Cells.
On the other side of Concord Road are several other corporations, including PAREXEL International and Boston Semi Equipment. Downtown Boston is approximately 20 miles from the facility.
The town of Billerica has recently seen another transaction involving a research facility—the $6.2 million sale of a building occupied by RainDance Technologies Inc.
Image courtesy of KBS Realty