News: Front Section
Posted: March 6, 2008
KBS R. E. Inv. Trust acquires Rivertech Park from New Boston Fund for $45.2m
KBS REIT has acquired Rivertech Park from New Boston Fund. KBS REIT acquired the 285,772 s/f property for $45.2 million, or $158 per s/f. The property consists of twin buildings, which are 100% leased, to two high-technology tenants.
"KBS REIT purchased Rivertech Park because of its fully-upgraded physical condition and its excellent location along the Rte. 3 Corridor," said Shannon Hill, a KBS senior vice president.
Rivertech's tenants are high-tech companies, Nuvera Fuel Cells and Entegris Inc. Nuvera Fuel Cells leases Rivertech I, which consists of 110,684 s/f, while Entegris Inc. leases Rivertech II, which is comprised of 175,088 s/f.
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