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BURLINGTON, MA-The 100,000-square-foot telecome facility, fully-leased to Verizon, is being sold by New Boston Fund, Inc. The firm is selling the building to H.N. Gorin, Inc. Verizon is a long-term tenant of the building.

“As profitable opportunities arise, it is our disposition strategy to sell off assets from our previous funds,” says Jim Kelleher, CIO at New Boston Fund, in a statement. Kelleher’s statement points to the advantages of having a long-term tenants like Verizon, which allows for a solid sale opportunity to the rightly-positioned buyer.

The facility at 51 South Bedford St. is just off Route 128 and was acquired by the fund in 2003 from New Boston Funds V and VI. Peter Joseph at Eastild secured repped New Boston and procured the buyer. The price of the sale was undisclosed, however the Fund VI purchased the property for $6 million, roughly six years ago.

Cushman & Wakefield’s Q1 Market Report for 2009 shows an average leasing rate in the 128 North submarket at $25.87 per square foot. Verizon’s lease, however, which lasts until 2014 may vary depending on its previous rate and/or a renegotiated rate for the long-term lease option.

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