Monday, February 10, 2014

Nixon Uniform Services purchases an industrial and office property on George Street

East Hartford, Conn. – February 10, 2013 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has sold 71 George Street, a 53,000-square-foot industrial and office facility located in East Hartford, Conn. to Nixon Uniform Services.

The state-of-the-art building at 71 George Street includes 8,000 square feet of office space and 45,000 square feet of 28-foot clear high bay warehouse space. The building also features five loading docks, two drive-in doors and 51 parking spaces. The warehouse was designed to be energy efficient.

“The strong demand for industrial space in the Greater Hartford area has generated a lot of interest in this property,” said Gary Hofstetter Senior Vice President at New Boston Fund. “71 George Street is an ideal industrial asset and we felt that current market conditions made it the right time to sell.”

Originally built in 1954 as part of a seven-building portfolio, 71 George Street was leased to a National office furniture distributor. A five-alarm fire in December 2009 destroyed the original 50,000-square-foot warehouse and distribution facility. New Boston was able to complete the fire damage clean up, design a new building and obtain site plan approval from the town within 37 days of the fire. A completely new state of the art asset was built on the site.

New Boston owns four other industrial and office buildings in the East Hartford area, including 33, 47 and 69 Leggett Street, 60 Meadow Street, 22 Rumsey Road and 300 East River Drive.

Mark Duclos, President of Sentry Commercial, represented New Boston and Christopher Metcalfe, First Vice President at CBRE, represented the buyer in this transaction.

New Boston does not disclose sales prices for its transactions.

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 $3.5 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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