New Boston sells 3 Orlando-area office buildings

The Southpoint Executive Center in Maitland.
The Southpoint Executive Center in Maitland.

New Boston Fund Inc. sold three office buildings totaling 331,700 square feet in Maitland, a submarket of Orlando, after increasing their combined occupancy rate from 33 percent to 82 percent in five years.

New Boston, a private equity real estate investment, development and management firm, did not disclose the sale prices or the buyers. But an executive of New Boston said the sale prices represented a “healthy investment return.”

The firm sold Southpoint Executive Center, a four-story office building in Maitland that spans 137,000 square feet,

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The firm also sold Maitland Green I and II, two adjacent buildings totaling 194,700 square feet.

New Boston had owned the office buildings since mid-2010. Stiles Management has been the property manager for the buildings.

“Selling this portfolio of buildings now has allowed New Boston to take full advantage of the continued strength in the leasing market … in the Orlando area while recognizing a healthy investment return,” Jon Gillman, senior vice president of asset management at New Boston, said in a prepared statement.