Tuesday, July 10, 2012
NEW BOSTON FUND ACQUIRES WATERFORD CENTRE IN MIAMI, FLA.
Six-story building consists of 91,000 square feet of Class-A office space
Miami, Fla. – July 10, 2012 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has purchased Waterford Centre, a 91,000-square-foot Class-A office building located in Miami, Fla. from Waterford Centre, Ltd.
Waterford Centre is located in the Blue Lagoon Business Park at 6205 Blue Lagoon Drive off the Dolphin Expressway. The building, which was built in 1999, fronts the Dolphin Expressway immediately across from the Miami International Airport. The building offers excellent access and visibility to the Expressway and tremendous views of the airport. The building also features a five-per-thousand parking ratio which ranks highest amongst its competitors.
Waterford Centre marks the second office building acquisition for New Boston in Miami in the past 18 months. New Boston acquired the 282,000 square foot One Park Square building in late 2010.
“Waterford Centre is a great addition to our investment portfolio in Miami,” said Pryse Elam, Southeast Regional Director at New Boston Fund. “We are extremely bullish on the Miami economy and office market, particularly around the airport. We have completed more than 160,000 square feet of new leases in our Park Square building since we bought it in late 2010. We are committed to continuing to expand our presence in South Florida, and the acquisition of Waterford Centre reflects that commitment.”
New Boston plans on investing significantly in upgrading the building’s appearance and building systems, including substantial upgrades to the air conditioning systems. Amenities at Waterford Centre include state-of-the-art security systems, including card readers, video cameras, visitor tele-entry devices, on-site security guard service, and reserved/covered parking. The building’s interior boasts granite, marble and wood finishes in addition to excellent lake views and storage space.
Lincoln Property Company will continue to provide property management services at the building, and Blanca Commercial Real Estate has been tapped to handle the leasing and marketing services.
New Boston is committed to investing in the southeast region, and since 2010 has acquired more than one million square feet of office space through the purchases of Southpoint Executive Center, Maitland Green I & II, and One Park Square in Florida, and Harris Corners and Carolina Place in the Carolinas. New Boston Fund does not disclose sales or leasing 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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