On behalf of New Boston Fund, Cushman & Wakefield of Massachusetts, Inc. completed the sale of 1000-1200 Technology Park Dr., a two-story office/R&D building. Cushman & Wakefield's Capital Markets Group of Robert Griffin, David Pergola, Christopher Griffin, Brian Doherty and leasing representative Torin Taylor represented New Boston Fund in the transaction. The sale price was undisclosed.
"We view 1000-1200 Tech Park Dr. as a long-term acquisition which, in the fullness of time, will create significant value to our existing holdings in Billerica," said Arthur Gutierrez, president of The Gutierrez Co.
1000-1200 Technology Park Dr. is a 139,180 s/f, two-story office building built in 1982 and renovated in 2004. The building is situated along Rte. 3 and features substantial base building infrastructure and flexible floor plates.
"Some of the most successful real estate names in the region are actively making opportunistic acquisitions in submarkets that have been labeled by many as mortally wounded,"said Pergola.
New Boston acquired 1000-1200 Technology Dr. in 2004 through New Boston Real Estate Investment Fund, L.P. VI.
"It is our disposition strategy to sell off assets from our previous funds. We were pleased to bring this transaction to closure so smoothly with the Gutierrez Company," said Jon Gillman, senior vice president, asset management, New Boston Fund.
Cushman & Wakefield is one of the world's largest commercial real estate services firms. Founded in 1917, the firm has 231 offices in 59 countries, and 15,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm's Web site at www.cushwake.com.
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million s/f of commercial real estate and 7,500 residential units. Their investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.