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BOXBOROUGH, MA-Two months after dropping $15.2 million on a fully leased 102,000-sf office and R&D building in Westborough, the Boston-based real estate investment, development and management firm has plunked down another $19.7 million to buy two fully leased R&D buildings here totaling 203,619 sf. Constructed in 1984 and 1985, the firm’s latest acquisitions at 155 and 159 Swanson Rd. bring its Massachusetts holdings to 24 properties and more than three million sf.

“We bought these assets due to the quality and the stability of the properties, which have no leasing exposure for the next three years,” Robert Kirschner, vice president of acquisitions for New Boston Fund, says in a statement. “The properties offer in-place income and strong cash on cash returns to our investors.” According to a statement by the firm, New Boston Fund acquired the asset because it believes the overall commercial real estate market in Massachusetts is showing signs of improvement. “This purchase was particularly attractive because there are a limited number of choices for research and development facilities of this nature,” the company says.

Purchased from 155 Swanson LLC and 159 Swanson LLC, a joint venture between National Development and Fidelity, the acquisition was the second in Massachusetts in as many months by the Boston-based firm. In March, the company acquired 2 Technology Dr. in Westborough from Rreef Funds LLC of San Francisco.

The latest acquisition follows several months of active trading for New Boston Fund, which divested of two of its Bay State holdings late last year. In that sell off, Everest Partners acquired a four-building, 300,000-sf portfolio in Chelmsford and Acton while Boston-based Beacon Capital Partners picked up a 265,000-sf 14-story office property at 116 Huntington Ave. in Boston’s Back Bay. New Boston Fund also owns several key buildings in the state, including the Franklin Commerce Center, a 233,000-sf warehouse and distribution center in Franklin, and One Brigham Circle, a 190,000-sf mixed-use office and retail center in Boston’s Mission Hill neighborhood.

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