Tuesday, May 10, 2011
New Boston Fund Acquires Three Class-A Office Buildings in Charlotte
Buildings consist of more than 361,000 square-feet of office space
BOSTON (April 14, 2011) - New Boston Fund, Inc., a private real estate investment, development and management firm, announced today that it has purchased three Class-A, multi-tenant office buildings in Charlotte, North Carolina at Harris Corners Corporate Park totaling 361,144 square feet. New Boston purchased the properties from entities affiliated with Charlotte-based Beacon Partners.
The buildings are part of the 75-acre Harris Corners Corporate Park and are a combined 88 percent leased. Completed in 2000, One Harris Corners is four stories and totals 97,628 square feet while Two Harris Corners and Three Harris Corners, built in 2001 and 2006, respectively, are both five-stories and total 130,187 and 133,329 square feet. The properties feature a strong roster of local, national and international credit tenants, including the Polymer Group, a leading global engineered materials company, Diagnostic Devices, one of Charlotte's fastest growing companies, Bank of America, Carrier Corporation, Nestle, Inc., and Husqvarna, a global leader in outdoor power equipment and products, for which Harris Corners serves as the company's North American headquarters.
The acquisition of Harris Corners enhances our presence and represents a strategic opportunity to participate in the emerging growth in North Charlotte. We believe Harris Corners is the nicest office development in North Charlotte, with the best location and access, and expect it to occupy a dominant position in the submarket for many years to come, said Pryse R. Elam Regional Director, Southeast for New Boston Fund. We are committed to Charlotte and to North Carolina and will continue to aggressively pursue investments in this area.
Harris Corners Corporate Park complex is located at the corner of I-77 and WT Harris Boulevard. The Park is comprised of three existing multi-story office buildings and a development site along I-77 for a fourth. Beacon Partners developed the Park beginning in 1997 and will continue to manage and lease the buildings on New Boston's behalf.
Harris Corners has been a very successful project since Day One. The Park has attracted a strong tenant roster and should continue to be recognized as the premier corporate location in North Charlotte in the years ahead, said Mike Harrell, Office Partner for Beacon. We are excited about working with Pryse and his team on the buildings as well as developing the 4th and final development site in the future.
New Boston Fund has previously owned commercial property in North Carolina in the Raleigh Research Triangle Park complex. New Boston Fund is committed to a focus of investing along the southeastern coast and in the past twelve months has acquired approximately one million square feet of office space through the purchases of Southpoint Executive Center, Maitland Green I & II, and One Park Square in Florida. New Boston Fund does not disclose sales prices.
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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