Tuesday, February 03, 2015
NEW BOSTON FUND SELLS 5-ACRE PARCEL AT TRANSDULLES BUSINESS PARK
Buyer plans construction of a transformer station
Sterling, VA – February 3, 2015 – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has sold a five-acre land parcel adjacent to TransDulles Centre in Sterling, Va.
The parcel was purchased by Dominion Virginia Power Company who intends to build a transformer station on the site. This transformer will provide a second means of power to the surrounding region and the entire office park including TransDulles Centre and Rockwell Collins headquarters.
“We are very pleased that this sale will bring added benefit to the entirety of the TransDulles Office Park,” said Jim Kelleher, Chief Investment Officer at New Boston Fund. “With many tenants renewing their leases, we are able to make this already attractive space a higher quality offering in this submarket.”
Acquired by New Boston in 2007 along with TransDulles Centre, the original parcel was divided into two lots. On one lot, New Boston completed a 178,234-square-foot build-to-suit office and manufacturing facility for Rockwell Collins, a worldwide leader in communication and aviation electronics solutions. The building is comprised of 47 percent office and 53 percent laboratory and assembly space, and was honored with an Award of Merit and named, “Best Building, Non-Institutional Facility,” at the Best of NAIOP Northern Virginia Awards in November 2011. New Boston sold the property in July 2014. The remaining lot, which was purchased by Dominion, sits between TransDulles Centre and Rockwell Collins and backs up to a former rail line.
TransDulles Centre is comprised of two Class-A buildings totaling 149,763 square feet. The property features a fitness center and is located adjacent to the Washington & Old Dominion Trail, a 45-mile paved trail spanning from Loudoun to Arlington counties that is used for walking, running, bicycling and/or skating.
TransDulles Office Park is located five minutes north of Dulles International Airport in the Route 28 North submarket, and approximately half a mile from the interchange at VA Route 28, the major north/south highway in the region.
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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