Thursday, June 05, 2008
New Boston Fund Acquires Granite Woods Corporate Center
Newly renovated buildings are 100% leased
Braintree, MA (June 5, 2008) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, recently announced the acquisition of Granite Woods Corporate Center, a newly renovated two-building office property totaling 168,218 square feet and located on 7.5 acres in Braintree, Mass.
Building 1 is located on the western side of the site and is approximately 83,578 square feet. Building 2 at 84,639 square feet, is situated directly adjacent to building 1, and is built upon two levels of decked parking. The two buildings are connected via a sky-way and are 100% leased by tenants that include Verizon, Travelers Insurance, VNA of Boston, and the Telephone Worker`s Credit Union.
The acquisition of Granite Woods Corporate Center is a strategic, defensive investment for New Boston due to the strong returns and a solid tenant base across multiple industries, said Jim Kelleher, Chief Investment Officer at New Boston. We continue to actively pursue investment and development deals in the Northeast region as we diversify and expand our regional portfolio.
The two buildings were originally developed by Verizon; the first in 1972 and the second in 1991. In 2006, Campanelli Companies acquired the buildings and leased back 40,000 square feet for to Verizon. The remaining office space underwent a $3.5 million renovation. This is New Boston`s second acquisition from the Campanelli Companies. In 2007, New Boston acquired 151 Campanelli Drive in Middleborough.
Granite Woods Corporate Center represents a stable, well leased asset with great accessibility to major highways and amenities, said Rob Kirschner, Vice President of Acquisitions for New Boston. This asset also comes with no leasing exposure for the first 3 years of our ownership. The majority of the space is occupied by strong credit tenants who have been in this market for some time.
Granite Woods Corporate Center is located just thirteen miles south of Boston, right off of I-93 at the intersection of Route 37. It is just minutes from Route 3 and has additional immediate access to I-95, Route 24 and I-90. The property is located adjacent to the South Shore Plaza which features many retail and restaurant amenities.
The property was purchased with funds from New Boston Fund VII, a fund that focuses on capital preservation and value enhancement with extensive diversification across strategy, geography, and property type.
The price of the deal is undisclosed. New Boston Fund represented itself in the transaction. Eastdil Secured`s Peter Joseph, James McCaffrey and Chris Phaneuf represented the Campanelli Companies.
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.
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