Jumbo Capital Management and Boston Andes Capital purchase Rivertech Park for $45 million

Billerica, MA KBS Real Estate Investment Trust completed the $45 million sale of Rivertech Park. The complex was purchased by Jumbo Capital Management and Boston Andes Capital.

Located at 129 Concord Rd., the property consists of two 2-story office/R&D buildings. The two buildings contribute high-quality R&D space that is in high demand in the market. The property offers 285,700 s/f and is located on 30 acres. The property is currently 100% leased by two strong credit tenants on a long term basis.

Located midway between two major highway loops, the property is well situated within the 128 North submarket.

 

 

“KBS is pleased to have successfully extended the relationship with the long-term tenants’ at both buildings,” said Shannon Hill, senior vice president of KBS. “The tenant retention speaks to the quality of the property and ensures it will be a positive investment for its new owners.”

KBS REIT I acquired the property in March of 2008.

Brian Barnett, Peter Joseph and Steffen Panzone of Cushman & Wakefield represented KBS REIT I in the transaction.

KBS Capital Advisors is the external advisor to KBS Real Estate Investment Trusts (REITs), and is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded in 1992. Since its inception, KBS-affiliated companies have completed transactional activity in excess of $33 billion via 15 separate accounts, six commingled funds, five sovereign wealth funds and seven non-traded REITs.

Jumbo Capital Management is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the “great recession”. Jumbo has since grown to over 30 employees with leadership having a combined 80+ years of commercial real estate experience. Jumbo Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 3.5 million s/f of commercial real estate in the Greater Boston area.

Boston Andes Capital, LLC (BAC) is a real estate investment, consulting, and development firm focused on Boston, Baltimore, MD, Richmond, VA, and certain Latin American countries including Argentina, Colombia, and Mexico.  Over the past several years BAC has acquired or participated in the development of over twenty real estate projects including residential, life science, industrial and office uses.