New Boston Fund, Inc

Real Estate Weekly, April 5, 2000

New Boston Fund, Inc., a Boston-based real estate investment, development and management firm, announced it has purchased a 54,198 square-foot, three-story office building at 200 Day Hill Road in Windsor, Conn.

William M. McAvoy, senior vice president and director of Acquisitions at The New Boston Fund, said that 200 Day Hill Road was bought from Catrambone Carasso Corporation at a cost of $4.5 million.

"The building is one of only a few Class A office buildings in a large tenant market that can accommodate smaller tenants. It has superior interstate highway access and visibility," said McAvoy. "This acquisition shows New Boston Fund's ability to find investment grade properties with strong, going-in cash flow returns and great future potential. We will have the ability to retenant approximately 60 percent of the building within the next six to 12 months at higher rental rates."

200 Day Hill Road is located immediately off I-91 at Exit 38, only ten miles north of Hartford, Conn. and twenty miles south of Springfield, Mass.

"With planned area improvements that include hotels and a $110 million dollar modernization program to the airport, this sub-market of Greater Hartford is an attractive area for many businesses," said McAvoy.

New Boston Fund first entered the Greater Hartford Metropolitan market in 1996. Since that time, it has assembled a portfolio in excess of 1.4 million square feet.

"Since our initial investment into Hartford we have witnessed a continual tightening of the rental markets. We believe this trend will continue as little new construction is planned and as lenders are still skeptical about Hartford's future," said McAvoy.