Friday, December 18, 2009
New Boston Fund Sells Chelmsford Property to the Ram Companies
BOSTON (December 15, 2009) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of 10 Industrial Avenue to The Ram Companies.
The property, located in Chelmsford Mass. Between Routes 3 and 495, is an 85,000-square-foot single story warehouse specifically designed and built in 2004 for the Department of Veterans Affairs. They occupy 100% of the building with a lease through 2019.
As opportunities arise, it is our disposition strategy to sell off assets from our previous funds, said Jon Gillman, Senior Vice President, Asset Management at New Boston Fund. We felt that it was an appropriate time to sell due to the property's long-term stability, and we were pleased that the market responded so favorably despite these challenging times. We are delighted to have completed this transaction with The Ram Companies, a firm with whom we have completed several transactions over the years.
The asset was acquired by New Boston in January of 2006 as part of a portfolio that included 20 Industrial Avenue. 20 Industrial Avenue, an 118,884 square-foot, single story warehouse was sold in 2007. Both properties were purchased with funds from New Boston Fund VI, which focus on value enhancement with extensive diversification across strategy, geography, and property type.
The price of the deal is undisclosed. Scott Jamieson and Mike Smith at Jones Lang LaSalle represented New Boston on the sale.
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 $4.4 billion, including 23 million square feet of commercial real estate and 7,500 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. The New Boston Fund: People, Values, Returns.
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