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BOSTON-A joint venture group has received $58 million in acquisition financing for a seven-building, 666,697-sf suburban Boston portfolio. The sum includes nearly $5 million in additional money for planned renovations.

The portfolio, which includes office and R&D space in Bedford, Andover and Billerica, was acquired earlier this month by a joint venture between Cranford, NJ-based Mack-Cali Realty Corp., and Gale International for $53.6 million. The new owners plan to invest about $20 million in capital expenditures, tenant improvements and leasing commissions on the buildings.

Frank Petz, senior director of CBRE

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