Wednesday, November 16, 2011
NEW BOSTON FUND ACQUIRES STEVENS FOREST GREEN IN COLUMBIA, MD.
Three-story building consists of 84,300 square-feet of office space
Arlington, Va. (November 14, 2011) - New Boston Fund, Inc., a private real estate investment, development and management firm, announced today that it has purchased Stevens Forest Green, an 84,300-square-foot Class A office building located in Columbia, Md. New Boston purchased the property from LNR Partners, LLC.
Completed in 2002, Stevens Forest Green is 83 percent leased with a strong tenant roster that includes Energy Solutions, Inc.; Meridian Medical Technologies, Inc.; Johns Hopkins Community Physicians; Xerox, Inc.; Patapsco Eye MDs LLC and HR Anew, Inc. There is an additional 14,650 square feet currently available for lease across three suites on the second and third floors. Sixty-five percent of the building is leased to credit tenants on long-term lease agreements.
The acquisition of Stevens Forest Green adds a well-located Class A office building to the Fund VII portfolio at below replacement cost, said Patrick Shooltz, Senior Vice President and Regional Director, for New Boston Fund's Mid-Atlantic region. Stevens Forest Green is a terrific addition to our portfolio providing New Boston with the opportunity to do what we do best: utilize our vertically integrated team to meet the needs of our existing tenants, lease vacant space to new tenants and stabilize the property to create significant value and return to our investors.
Stevens Forest Green is located in the Hillside Executive Park at the interchange of Route 29 and Broken Land Parkway, a central location in the Baltimore Washington Corridor. Its strategic location in the South Columbia submarket gives the property access to a wide range of amenities including The Mall in Columbia that offers more than 200 stores and restaurants.
New Boston Fund is committed to investing in the Baltimore-Washington corridor. The Stevens Forest Green property is a strategic investment based on the job growth and economic benefits that the region is receiving under the federal government's Base Realignment and Closure Act (BRAC). Under BRAC, the federal government is relocating thousands of jobs and significant investments to Fort Meade and the National Security Agency, all within a fifteen minute drive of the property.
James Wellschlager and Jonathan Carpenter of Cassidy Turley represented the seller in the transaction; New Boston was self-represented by John Thompson and David Langol, both vice presidents in New Boston's Mid-Atlantic regional office. The property was acquired through New Boston Fund VII, a $212 million value-add, closed-end fund. New Boston Fund does not disclose acquisition or 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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