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[IMGCAP(1)]MANASSAS, VA-New Boston Fund has acquired and recapitalized Innovation Business Center, a three-building, 125,000-sf, flex/office property that is located within the sprawling, 1,500-acre Innovation at Prince William Technology Park. The 11-acre Innovation Business Center was developed by Buchanan Partners in 2006 for $16.3 million, according to information released at the time. New Boston has acquired an 80% ownership interest in the property from Buchanan Partners, which will retain the remaining 20% interest.

[IMGCAP(2)]Patrick Shooltz, senior vice president and regional director for New Boston Fund declined to discuss the pricing for the acquisition and recap of the property, other than to say it is a good fit for the company’s diversified portfolio. “This acquisition addresses several component of our investment strategy, which is diversified across product type and regions. It is a solid asset in a strong market.” The center was acquired with funds from New Boston Fund VII, which focuses on capital preservation and value enhancement.

Slightly less than 25% of the space is vacant; New Boston intends to add value by leasing up the remaining space. Asking rents at Innovation Business Center are $15.25 per sf, which is a blended rate depending on the scope of the build out.

Located at 9371 Innovation Dr., the three buildings at Innovation Business Center consist of high-quality concrete tilt-up construction with brick inserts and a glass line. The property offers both drive-in and dock-high loading capabilities and surface parking.

Current tenants include Metris, Prince William County, Utron, and Northern Virginia Community College. Innovation at Prince William Technology Park itself targets biotechnology, life science, and supporting industries and is anchored by George Mason University’s life science campus.

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