Commercial landlord New Boston Fund Inc., after a dozen years of ownership, has sold off its entire legacy portfolio of eight Rocky Hill office buildings, among them some of the most recognizable parcels in the Greater Hartford realty market.
New Boston announced Monday that rival Boston realty investor-manager KS Partners paid an undisclosed sum for the 620,000-square-foot portfolio.
According to town records, KS paid $62 million for the Rocky Hill portfolio consisting of two office complexes: Corporate Ridge and I-91 Tech Center on Brook Street. Corporate Ridge is comprised of three Class-A office buildings, 500 Enterprise, 55 Capital Boulevard and 175 Capital Boulevard, totaling 507,000 square feet.
The five remaining single-story buildings at I-91 Tech Center total 113,000 square feet and consist of office and flex space. The properties are 87 percent.Various state agencies are among the leading tenants at 500 Enterprise.
New Boston said tenants in the other seven properties include: Nationwide Insurance, AT&T, United Healthcare, MetLife, The American Cancer Society, Liberty Mutual, Verizon, Zurich Insurance, URS Corporation, Value Options, AECOM, CCMC, AspenRe and AmTrust.
New Boston said it bought the Rocky Hill portfolio through its Fund V in November 2000.
According to Rocky Hill assessor, Corporate Ridge alone had a $60 million market value: 500 Enterprise’s appraised value, based on a 2010 stipulated judgment, is $37,728,090; with 55 Capital and 175 Capital appraised at $12,166,000 and $10,063,300, respectively.
All three properties are current on the first half of their annual tax payments.
