NEEDHAM, MA-New Boston Fund, a Boston-based real estate investment, development and management firm, purchased 254 Second Ave. for $10.9 million. The 85,890-sf facility is fully leased to Community Newspaper Co., a consortium of local community newspapers and a subsidiary of the Boston Herald.

The building serves as corporate headquarters for Community Newspaper Co. The deal was brokered by Spaulding & Slye Colliers, and the purchase price amounts to $127 per sf.

“The lease offers stability and immediate cash flow,” says Jim Kelleher, senior vice president and director of acquisitions for New Boston Fund. “The building is located just off of Route 128 on the Needham/Newton border and provides easy access for workers.”

The purchase expands New Boston Fund’s portfolio in the Greater Boston area, which now totals over three million sf. The sale was conducted on behalf of New Boston Fund’s newest investment offering, New Boston Real Estate Investment Fund LP VI. New Boston Fund says it is actively acquiring and developing properties on behalf of the Fund, which currently has received more than $250 million of equity commitments and the firm anticipates it will close with $350 million to $400 million of total equity commitments.

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