"As profitable opportunities arise, it is our disposition strategy to sell off assets from our previous funds," says Jim Kelleher, CIO at New Boston Fund, in a statement. Kelleher's statement points to the advantages of having a long-term tenants like Verizon, which allows for a solid sale opportunity to the rightly-positioned buyer.
The facility at 51 South Bedford St. is just off Route 128 and was acquired by the fund in 2003 from New Boston Funds V and VI. Peter Joseph at Eastild secured repped New Boston and procured the buyer. The price of the sale was undisclosed, however the Fund VI purchased the property for $6 million, roughly six years ago.
Cushman & Wakefield's Q1 Market Report for 2009 shows an average leasing rate in the 128 North submarket at $25.87 per square foot. Verizon's lease, however, which lasts until 2014 may vary depending on its previous rate and/or a renegotiated rate for the long-term lease option.
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