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News release

Boston, MA

Jones Lang LaSalle Closes Sale of 10 Industrial Ave. in Chelmsford

RAM Management Purchases Flex Building from New Boston Fund


Jones Lang LaSalle announces that its Investment Sales team has executed the sale of 10 Industrial Avenue in Chelmsford, MA. RAM Management Company purchased the 84,000 square foot industrial/flex building from New Boston Fund. Jones Lang LaSalle represented the seller and procured the buyer in the transaction.
 
The Jones Lang LaSalle team on this assignment included Managing Directors Scott Jamieson and Michael Smith, and Associate Rob Borden.

“10 Industrial fits well into our current portfolio,” said Brian Gagne, Executive Vice President of Acquisitions and Development. “It is a strategically located, five year old building that provides us strong tenancy and cash flow. RAM’s goal at this stage in the economy is to continue to acquire stable, cash flowing property with good lease term. We are traditionally conservative investors and will continue to operate in that manner.
 
According to New Boston Fund’s Senior Vice President, Asset Management Jon Gillman: “As opportunities arise, it is our disposition strategy to sell off assets from our previous funds. We felt that it was an appropriate time to sell due to the property’s long-term stability, and we were pleased that the market responded so favorably despite these challenging times.  We are delighted to have completed this transaction with The RAM Companies, a firm with whom we have completed several transactions over the years.”  
 
The single story building is fully leased to the U.S. Department of Veterans Affairs (VA). It is located just off Route 129, less than two miles from Route 3 and I-95. 10 Industrial Avenue was built for the VA in 2004. The VA recently expanded into the entire building. 

“This sale demonstrates that well-leased and well-located assets remain in strong demand from investors.  New Boston Fund strategically held the asset until the VA expanded into 100% of the premises, and the investment market response was quite competitive,” said Jones Lang LaSalle’s Scott Jamieson.
 
About Jones Lang LaSalle
Jones Lang LaSalle’s Investment Sales team is comprised of a range of real estate investment capital specialists, working on all property types and in all the major national markets on behalf of corporations, major institutional and local investors and developers. Its investment sales professionals are highly skilled at pinpointing and tailoring the right capital solutions for each of these client's needs. They help corporations develop and execute strategies that bridge their occupancy, capital deployment and financial reporting objectives for their facility portfolios. The team assists investors in developing and executing asset recapitalization strategies for office, industrial, retail, multifamily, healthcare and seniors housing product. The firm’s Real Estate Investment Banking experts raise debt and joint venture equity for investors and developers, and provide secondary loan sale advisory services. 
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $37 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
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 $4.4 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.
 
About RAM Management Company
Well known throughout New England, South Florida, and Europe for its much acclaimed, retail, residential, industrial, and office developments, The RAM Companies was the original developer of factory outlets in Kittery and Freeport, Maine as well as in England and Israel. RAM’s past work also includes the redevelopment of 21 buildings in Portland, Maine’s Old Port area. Currently, RAM’s portfolio includes primarily industrial real estate in New England and South Florida. For more information, visit www.ramcompaniesusa.com.