STONEWATER Expands New England Portfolio with Nashua, NH Acquisition.
January 06, 2007 (PRLEAP.COM) Business NewsWhite Plains, NY – Stonewater Partners announced today that it has closed on the purchase of Executive Tower located at 61 Spit Brook Road in Nashua, New Hampshire. Executive Tower is a 58,719 square foot Class A office building leased to seven tenants and is 83% leased. The Property is ideally located at Exit 1 of Route 3 just over the Massachusetts border.
The building is occupied by major national, international and Fortune 500 companies including Critical Care Systems, XILINX, SONY and Greenman-Pedersen, Inc. Commenting on the transaction, Jeffrey Toporek, a Stonewater principal, stated "The Exit 1 submarket in Nashua is poised to draft off of the recovering suburban Boston market, especially with the limited supply of vacant space. We expect to achieve significant rental rate growth and bring the asset to stabilization in the next 24 months.”
David Stade, also a Stonewater principal, added “the transaction is a prime example of Stonewater’s multi-tenant value-add investment strategy. The acquisition also expands our New England portfolio and brings us to nearly 2.0 million square feet acquired across the country.”
For further information:
White Plains, NY
Tel: (914) 285-3700
Los Angeles, CA
Tel: (310) 209-0500