Friday, February 22, 2008
New Boston Fund Sells York Business Center
Joint-venture redevelopment and repositioning project acquired by Equity Industrial Partners Corp.
YORK, PA (February 22, 2007) - New Boston Fund, Inc., a real estate investment, development and management firm, recently announced the sale of York Business Center, a 1.5 million-plus-square-foot warehouse distribution facility located in York, Pennsylvania, to Equity Industrial Partners Corp.
The redevelopment and repositioning of York Business Center in 2002 was a joint-venture partnership between New Boston Fund and Brasler Realty of Philadelphia to transform a mothballed Caterpillar Inc. manufacturing plant into a modern distribution facility in central Pennsylvania`s industrial marketplace and maturing retail hub. Renovations included the installation of energy efficient T-5 fixtures in over half of the building, the redevelopment of 100,000 square feet of office space, the addition of 204 new loading docks, and full roof replacement. In addition, 33 acres of adjacent land has been rezoned and positioned for retail use.
The joint-venture partnership that was formed for York Business Center provided New Boston Fund with the opportunity to work with an experienced, locally situated real estate partner, said Jonathan Gillman, Senior Vice President of Asset Management at New Boston Fund. This investment fit into our strategy of creating and recognizing value in under performing assets, thus providing significant returns to our investors after a five year holding period.
The property is located at the intersection of Routes 30 and I-83 and is currently 90 percent leased. Major tenants include R.R. Donnelly Sons & Company, which occupies 686,000 square feet, as well as Eagle Global Logistics, LOGISCO Transportation Services, Bon-Ton Stores, and Morex Corp.
York Business Center was acquired by New Boston with funds from New Boston Fund V. CB Richard Ellis`s team, consisting of Michael Hines and Michael Blunt from the Wayne, Pennsylvania office, as well as Bo Cashman from the Baltimore office, brokered the sale on behalf of New Boston.
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