Wednesday, January 02, 2008
New Boston Fund Acquires 151 Campanelli Drive in Middleborough
100% leased property purchased under Fund VII portfolio
BOSTON (December 28, 2007) - New Boston Fund, Inc., a private real estate investment, development and management firm, recently announced the acquisition of 151 Campanelli Drive in Middleborough, a 58,000-square-foot building from the Campanelli Companies.
The 7.04-acre property is located in the Campanelli Business Park and was built in 1989 by the Campanelli Companies. The building initially consisted of 25,300 square feet. Two subsequent additions in May of 1996 and November of 2003 expanded the building to its current 58,000 square-foot size.
We acquired 151 Campanelli Drive 100% leased by Eastern Savings Bank with a long-term lease and a strong commitment to the region. said Robert Kirschner, vice president of acquisitions at New Boston Fund. This asset will bring New Boston low-risk and stable returns that will allow us to maximize value for our investors.
Eastern Bank, the largest independent, mutually owned commercial franchise in New England, occupies the property that is located along Route 128 and less than a mile from I-495 exits 5 and 6 and Route 44. I-195 and Route 24 are also a short distance away along I-495.
The Middleborough market has been experiencing significant growth and stability over the past few years, with rising rents and low vacancy rates. This asset is a prime, high-quality piece of real estate in this area, with a flexible floor plan and convenience to the major highways. said Jay Hirsh, a senior acquisitions analyst at New Boston Fund.
151 Campanelli Drive was purchased as part of New Boston Fund VII, a $350 million fund that focuses on capital preservation and value enhancement with extensive diversification across strategy, geography, and property type.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.0 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.
For all news or media inquiries, please contact:
Solomon McCown & Company