KBS Real Estate Investment Trust added a fifth asset to its portfolio with the acquisition of a 166,574-square-foot office and research/development building in Norwood, Mass., for $28.8 million.
A joint venture between Boston-based Cabot, Cabot & Forbes and Wilton, Conn.-based Commonfund Realty Inc. sold the class A property, which is located at 825 University Ave. The two-story property, situated on 18.8 acres, was originally constructed in 1980, and later renovated in 2004-2005, with an addition of approximately 22,000 square feet constructed as part of the upgrade.
At the time of sale, the property was fully leased to two tenants: Instron Corp., a division of Fortune 500 giant Illinois Tool Works (NYSE: ITW), and LTX Corp. (NASDAQ: LTXX).
