Tuesday, November 10, 2009
New Boston Fund Sells The Exchange to Acre Group
Stable mixed-use complex is 80% occupied
Rocky Hill, CT (October 22, 2009) - New Boston Fund, Inc., a private real estate investment, development and management firm, has closed on the sale of The Exchange, a mixed-use complex in the Hartford submarket of Farmington, Connecticut. The Acre Group, a full service commercial real estate company, purchased the 250,412 square-foot property for an undisclosed sum.
New Boston Fund purchased the property in 1997 with funds from Funds III and IV.
Given the state of the capital markets today, the sale of The Exchange is an exceptional transaction, said Dale Reese, Regional Vice President in New Boston's Hartford office.This is a landmark asset with a stable tenant base and 80 percent occupancy, which made it an attractive property for the Acre Group.
The Exchange, one of the largest post and beam structures East of the Mississippi offers office and medical office space, along with restaurant and retail use. The Exchange is made of many natural materials which have helped generate interest among tenants looking for sustainable 'green' features for their new office location.
The Exchange offers office and medical office space, along with restaurant and retail use, and features several well-known tenants such as the UCONN Health Center, Energy Services and the restaurants Japanica and Murphy and Scarletti's.
ACRE Group, LLC is pleased to be part of the Farmington Exchange. We believe that the recognition of The Exchange brand name along with its market position of fulfilling a niche for both small and large office space needs and retail use provide for a quality investment with tremendous upside on both the short and long term hold, said Dan Charest, Operations Manager for Acre Group, LLC. We thank our lenders Peoples Bank for their assistance and confidence in this investment, and look forward to working with the Jones Lang LaSalle team who will continue to provide the leasing services for this property.
Jones Lang LaSalle represented New Boston Fund in the transaction. Managing Directors Scott Jamieson and Mike Smith led the transaction, with leasing assistance provided by Senior Vice President Chris Ostop and Vice President Gary Schless. Steve Inglese of the New Haven Group Inc. represented the Acre Group.
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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