Thursday, January 19, 2012
NEW BOSTON FUND ACQUIRES CAROLINA PLACE IN RALEIGH, NC
Five-story building consists of 99,181 square feet of Class-A office space
RALEIGH, NC - January 19, 2012 - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has purchased Carolina Place, a 99,181-square-foot Class-A office building located in Raleigh, NC from a client advised by Invesco Real Estate.
Situated on more than four acres, Carolina Place is a five-story building that includes a two-story structured parking deck containing a total of 318 parking spaces. The property is currently 86 percent occupied to national, regional and local companies.
New Boston Fund is thrilled to add Carolina Place to its Southeast portfolio, said Pryse Elam, Southeast Regional Director at New Boston Fund. Carolina Place offers its tenants quality Class-A office space in an exceptional location inside-the-beltline along Glenwood Avenue. This acquisition will help to re-establish a presence for New Boston in the Raleigh-Durham market, one of the fastest-growing metropolitan regions in the country.
Ranking fifth among major metropolitan regions, Raleigh-Durham has experienced 71 percent growth since 1990. Previously, New Boston owned Triangle Business Center, a 400,000-square-foot flex/office park in Durham from 2000 to 2007.
Originally developed in 1984, Carolina Place is strategically located on Glenwood Avenue, just over one mile from the I-440 Beltline, three miles from downtown Raleigh and 10 miles from Raleigh-Durham International Airport (RDU). The property is also adjacent to the prestigious Carolina Country Club and is nestled within the high-end executive housing neighborhoods of Raleigh.
Major tenants include Cherry, Bekaert and Holland, LLP, one of the largest regional CPA firms headquartered in the Southeast, and Scott Madden, a general management consulting firm. Both valued tenants have leased space at Carolina Place for more than twenty years.
New Boston is committed to investing in the Southeast region, and in the past twelve months has acquired more than one million square feet of office space through the purchase of Harris Corners Corporate Park in Charlotte, as well as Southpoint Executive Center, Maitland Green I & II, and One Park Square in Fla. New Boston Fund does not disclose acquisition 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. www.newbostonfund.com
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