Wednesday, July 23, 2014
NEW BOSTON FUND SELLS AWARD-WINNING BUILD-TO-SUIT FACILITY IN STERLING, VA
Rockwell Collins headquarters sold to American Capital Realty Properties
Sterling, Va. – July 23, 2014 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has sold Rockwell Collins, a 178,234-square-foot, Class-A office and research and development facility at TransDulles Centre in Sterling, Virginia, to American Realty Capital Properties, Inc.
“It was an opportune time to sell given the strong appetite for long term single tenant net leased properties. We developed this property as a Build to Suit for Rockwell Collins and given the remaining lease term, and quality of the asset and the tenant, along with the premier location near Dulles Airport the investor market recognized the value of this asset,” said David Langol, Vice President of Asset Management for New Boston Fund.
“We are very excited to be working with the team from Colliers to help us position the property at the forefront of its sub-market,” said David Langol, Vice President of Asset Management at New Boston Fund. “TransDulles Centre offers incredible space and amenities for companies seeking smaller footprints and competitive pricing.”
After winning a competitive bidding process to develop the building, New Boston completed the build-to-suit office and manufacturing facility for Rockwell Collins Simulation & Training Solutions Group in 2011. That same year, the building’s design was honored with an Award of Merit and named, “Best Building, Non-Institutional Facility,” at the Best of NAIOP Northern Virginia Awards. Rockwell Collins is a worldwide leader in communication and aviation electronics solutions. The company’s lease runs through 2022 and is subject to a five year renewal.
TransDulles Centre was originally purchased by New Boston in August 2007, and at that time, the property consisted of twin three-story Class-A office buildings totaling 149,000 square feet, as well as 558 surface parking spaces and 18 acres of adjacent land fully zoned for office/warehouse development. The build-to-suit for Rockwell Collins encompasses almost 13 of the 18 acres.
Rockwell Collins is strategically located five minutes north of Dulles International Airport in the Route 28 North submarket, and less than one mile from the interchange at VA Route 28, the major north/south highway in the region.
New Boston was represented by Holliday Fenoglio Fowler, L.P.’s (HFF) Senior Managing Directors Dek Potts, Bruce Strasburg, Jim Meisel, Andrew Weir and Stephen Conley in this transaction.
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. www.newbostonfund.com
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