Monday, February 13, 2012
NEW BOSTON FUND SECURES NEW LEASE WITH VERIZON AT THE SHOPS AT QUONSET POINT
Verizon to lease 2,600 square feet of retail space in North Kingstown, RI
BOSTON — (February 13, 2012) — New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has leased 2,600 square feet of premiere retail space to Verizon at the Shops at Quonset Point in North Kingstown, RI.
Verizon joins existing premium retail tenants at the Shops at Quonset Point including Dave's Fresh Marketplace, Kohl's and HomeGoods.
"We are thrilled to add Verizon to our stellar tenant roster at the Shops at Quonset Point," said Gary Hofstetter, Senior Vice President and Northeast Regional Director, New Boston Fund. "The Shops continue to attract high-quality tenants, such as Verizon, and will continue to be one of the top retail locations in the Narragansett Bay area."
CBRE Grossman Retail Advisor Jeff Arsenault represented New Boston in the transaction and Verizon represented itself.
The Shops at Quonset Point represents a 400,000-square-foot retail development at the gateway to Quonset Business Park, a 3,174-acre master planned development that provides much needed retail amenities to the Narragansett Bay area and coastal RI, a region that has been under-served by retail space. Located adjacent to the Business Park is the LEED Certified TownePlace Suites by Marriott, the newest hotel to open in the region. Both the TownePlace Suites and The Shops at Quonset Point are easily accessible via Route 4.
Quonset Business Park, a former naval base, is managed by New Boston's partner, Quonset Development Corporation (QDC), a quasi-public agency responsible for overseeing the re-use and development of the site. The State of Rhode Island has invested heavily in the transportation infrastructure of the park, including rail, water/sewer and construction of the Route 403 Connector, a four-lane highway that connects the site to Route 4.
New Boston was designated to be the developer in May of 2005 and construction began in January 2008 with 256,000 square feet (nearly 66 percent) of space already pre-leased.
New Boston Fund does not disclose leasing prices.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
CB Richard Ellis — N.E. Partners, LP, a CB Richard Ellis Joint Venture has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting. Please visit our Web site at www.cbre-ne.com.
CBRE/Grossman Retail Advisors, LLC, a CB Richard Ellis — N.E. Partners, LP Joint Venture, is a full-service retail real estate firm, providing services in Leasing, Property & Asset Management, Capital Markets & Debt Advisory, and Construction & Development. CBRE/GRA provides a one-stop source for its retail clients, creating innovative solutions to complex problems facing property owners and developers. Please visit our Web site at www.cbre-gra.com.
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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