Boston-based The Davis Cos. has added to its portfolio of technology-related properties by acquiring Fresh Pond Technology Park in Cambridge for $38.4 million.

Earlier this month, the company acquired Bedford Business Park in Bedford. In a statement, the company said it is positioning itself to continue to grow with the state’s technology and life sciences sectors.

"These two investments reflect our belief in the continued vitality and growth of the technology and life sciences sectors in Massachusetts," said Corey A. Griffin, president of The Davis Cos. "Both of these properties provide us strong current cash flow while we explore changes to the properties that can add real value over time. Our purchase of these assets reflects our belief that growth-oriented companies will continue to seek well-located, cost-effective solutions with strong access to labor and well-developed amenities. We are not pioneering, but rather strategically positioning ourselves in the path of growth and change."

Fresh Pond Technology Park comprises six buildings totaling 206,987 square feet of office/R&D and light industrial space. Located on 10 acres of land in West Cambridge, the project provides tenants a less-expensive alternative to East Cambridge where rents are rapidly escalating due to the growth of larger corporations like Novartis, Google and Microsoft who continue to expand.

The property is 100 percent leased, providing strong current cash flow; The Davis Cos. is pursuing future development of the property, which is presently underutilized, as suburban tenants, who may not be able to afford East Cambridge rental rates, seek to locate close to the urban hub. Jones Lang LaSalle represented the seller, AO Wilson/Spaulding & Slye Investments, in the transaction.

Earlier in May, Banker & Tradesman reported The Davis Cos. agreed to buy the Bedford Business Park from Boston Properties for $62.8 million, or roughly $166 per square foot. Eastdil Secured represented Boston Properties in the transaction.