The three-story building is located near the Massachusetts Turnpike and Route 495 and is 100% leased. New Boston re-leased the entire building when it purchased it and its tenants currently include Worcester Polytechnic Institute and AmeriFee. BillMcAvoy, New Boston Fund's chief investment officer, says, "We purchased 225 Turnpike Rd. for well below replacement cost and added significant value to the asset over the last six years by leasing to Worcester Polytechnic Institute's suburban business school." He adds that with current market conditions, the "building's strong tenant roster and 100% occupancy made it a very attractive investment."
This asset was jointly owned by New Boston Fund's second and third funds, and according to the release, this sale means that both Funds have sold approximately 40% of their portfolios to date. Based in Boston, New Boston Fund owns and manages over 10 million sf of commercial real estate worth more than $1 billion.
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