BILLERICA, MA– KBS Real Estate Investment Trust, a non-traded real estate investment trust based in Newport Beach, California, announced the sale of Rivertech Park in Billerica, Mass. The complex was purchased by Jumbo Capital Management and Boston Andes Capital.
Located at 129 Concord Road, the property consists of two two-story office/R&D buildings. The two buildings contribute high-quality R&D space that is in high demand in the market. The property offers over 285,700 rentable square feet and is located on a lot of over 30 acres. The property is currently 100 percent leased by two strong credit tenants on a long term basis.
Located midway between two major highway loops, the property is well situated within the 128 North submarket.
“KBS is pleased to have successfully extended the relationship with the long-term tenants’ at both buildings,” said Shannon W. 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 I acquired the property in March of 2008.
Brian Barnett, Peter Joseph and Steffen Panzone of Cushman & Wakefield represented KBS REIT I in the transaction.