In the first deal, New Boston purchased a 116,000-sf, single-story flex building located at 80 Wilson Way for $10.1 million. The building is fully leased for 15 years to ADE Corp., a supplier of metrology and inspection systems for the semiconductor wafer, semiconductor device, magnetic data storage and optics manufacturing industries. The building consists of approximately 30% office space, 50% assembly space and 20% clean room and manufacturing space.

In a separate transaction, New Boston purchased a 100,000-sf telecommunications facility at 51 South Bedford St. in Burlington for $6 million. The building is fully leased to Verizon.

"These two assets provide us with strong current cash flow from in-place, stable leases," says New Boston Fund president Jerry Rappaport Jr. "We are continuing to pursue investment opportunities ranging from stable, core assets and value-added opportunities to selective development and deeply discounted acquisitions. This approach not only diversifies our portfolio but also allows us to source the best opportunities in our target markets."

The firm is currently in the process of acquiring and developing a diverse mix of assets on behalf of New Boston Real Estate Investment Fund LP VI. The fund, which has currently received nearly $150 million of equity commitments, is expected to close with $350 million of total equity commitments in mid-2004, according to the firm. Earlier this year, New Boston Fund acquired 116 Huntington Ave., a 14-story office building in Boston's Back Bay, for $68 million, from American Tower Corp. The acquisition marked the first purchase of Fund VI.

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