Boston Flex/Office Property Latest Intercontinental Buy

Intercontinental Real Estate Corp. has acquired Locke Drive Technology Park in Marlborough, Mass. The park is a 295,700-square-foot flex/office portfolio comprised of three standalone buildings on 27 acres, and also includes 942 parking spaces. The property is in the I-495 West office submarket in the Boston area. According to a recent report by Richards Barry Joyce & Partners, office vacancies in the submarket in the fourth quarter of 2007 stood at 17.2 percent, which is comparable to the overall suburban Boston vacancy rate of 17.8 percent. The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund L.L.C. (US REIF). According to the acquiring company, Locke Drive Technology Park is about 90 percent leased. The deal comes in the wake of other property purchases nationwide by Intercontinental Real Estate Corp. for US REIF. In January, the company bought the 151,000-square-foot Northpoint Centre in Austin, an office property, and also acquired the Parker Ranch Center, a 143,000-square-foot grocery anchored retail center in Waimea, Hawaii. Intercontinental Real Estate Corp., a Boston-based investment adviser and real estate operating company, current owns and manages a commercial real estate portfolio in excess of $2 billion