Tuesday, July 10, 2012
NEW BOSTON FUND LEASES 22,000 SQUARE FEET TO HOMEGOODS AT THE SHOPS AT QUONSET POINT
HomeGoods to lease 22,000 square feet of retail space in North Kingstown
BOSTON – (July 10, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has leased 22,000 square feet of premiere retail space to HomeGoods, Inc. at The Shops at Quonset Point in North Kingstown, RI.
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. The Business Park is home to 168 companies that employ 8,800 people, and its Port of Davisville is the seventh largest auto importer in North America. New Boston was designated to be the developer of the Quonset project when they acquired the property 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 is proud to welcome another anchor tenant to The Shops at Quonset Point,” said Gary Hofstetter, Senior Vice President and Northeast Regional Director, New Boston Fund. “We are thrilled to see that the property is still attracting high-quality tenants such as HomeGoods in southern Rhode Island.”
HomeGoods will open its new space in the fall of 2012, joining existing premium retail tenants, including Verizon, Subway, Kohl’s, Dave’s Marketplace, Supercuts, Central Nails, and Sally Beauty.
CBRE Grossman Retail Advisor Jeff Arsenault represented New Boston in the transaction and HomeGoods was represented by Philip Kling of The Clarks Companies.
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. Located adjacent to the Business Park is the LEED-certified TownePlace Suites by Marriott, the newest hotel to open in the region.
New Boston Fund does not disclose 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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