KBS REIT Sells R&D Property Near Boston for $45 Million
KBS Real Estate Investment Trust, a publicly registered non-traded real estate investment trust, has sold Rivertech Park in Billerica, Massachusetts to Jumbo Capital Management and Boston Andes Capital for $45 million.
Situated within the 128 North submarket approximately 25 miles outside of Boston, Rivertech Park is comprised of two, two-story office/research and development buildings totaling 285,700 rentable square feet and situated on a 30-acre lot. The property is currently 100 percent leased by two tenants on a long-term basis.
“KBS is pleased to have successfully extended the relationship with the long-term tenants’ at both buildings,” said Shannon Hill, senior vice president of KBS. “The tenant retention speaks to the quality of the property and ensures it will be a positive investment for its new owners.”
KBS REIT originally acquired the property in March of 2008 from New Boston Fund Inc. for $45.2 million.
Jumbo Capital Management is a private commercial real estate investment firm founded in 2009 by Jay Hirsh, who left New Boston Fund to pursue investment opportunities brought about by the Great Recession. The firm manages more than 3.5 million square feet of commercial real estate in the Greater Boston area.
Boston Andes Capital is a real estate investment, consulting, and development firm that has acquired or participated in the development of more than 20 real estate projects including residential, life science, industrial and office uses.
KBS REIT went effective in January 2006 and closed its offering in May 2008 after raising $1.7 billion in investor equity. In May 2016, the REIT announced its intention to market its assets for sale.