Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BILLERICA, MA-New Boston Fund has purchased RiverTech Park, a 285,000-sf manufacturing facility for $23.3 million, $10 million less than it sold for just two years ago. James McCaffrey, a principal at Trammell Crow Co.’s Boston office, brokered the sale.

Jim Kelleher, senior vice president and director of acquisitions for New Boston Fund, a locally based real estate development and investment firm, says that the purchase is in keeping with the company’s investment strategy. “Our acquisition price was significantly below the building’s replacement cost. With the signing of Mykrolis, the property provides day-one profitability with strong upside potential.”

The facility was acquired from Nortel Networks, which purchased it from Nordic Properties two years ago for $33.5 million and developed it into a high tech office park. The two buildings that make up the park are located directly off Route 3 with easy access Route 495 and Route 128. The park features manufacturing and office space and is currently leased by Mykrolis Corp., the park’s first tenant, which occupies 175,000 sf.

The firm says that the acquisition, the most recent in a series of purchases by New Boston, is a “signal [of] continued growth” for the nine-year-old company. Since the beginning of 2001, New Boston has purchased 1.5 million sf of real estate valued at more than $200 million. The company is also in the process of developing over two million sf of office, retail, warehouse/distribution, and multifamily space.

Last year, New Boston Fund acquired Five Burlington Woods, a 103,000-sf office building in Burlington, MA. During the last two years, New Boston has expanded its investment activity by pursuing the development of public/private partnerships in Boston’s neighborhoods, office development in the Rosslyn/Ballston Corridor of Washington, D.C., the development of warehouse and distribution space in Southeastern Massachusetts, and condominium development on Cape Cod and in the Boston metropolitan area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.