10 Oxford Road, West Haven
Colonial Properties recently brokered the sales of two properties in West Haven. Kevin Weirsman of Colonial Properties brokered the sale of 10 Oxford Road, a 5,000-square-foot, single-tenant net-leased investment property. Weirsman represented the seller of the property, CB & CD Assoc. The buyer, represented in the transaction by Carl Russell of George J. Smith & Sons, purchased the property for $832,000.
Weirsman also completed the sale of 100 Sawmill Road, a 55,000-square-foot light industrial, multi-tenant investment property. The property is 70 percent leased and was purchased for $1.25 million. Weirsman represented the seller, Oil Services Inc., and Alan Bolduc of Sentry Commercial represented the buyer in the transaction. The buyer, an active developer, has plans to renovate the building to offer new and existing tenants a cleaner, showroom-type space with increased visual appeal. Officials said the demand for that type of renovation will fit nicely with West Haven’s growing retail and business environment, with such nearby developments as the new Super Stop & Shop and Tommy K’s Video projects.
Colonial Properties is a full-service commercial real estate brokerage firm handling all types of commercial and investment real estate transactions including the sale and leasing of retail, industrial, office and investment properties, as well as the brokerage of land and business sales. Weirsman concentrates on the sales and leasing of retail and commercial investment properties.
Northland Forms Fund II
Newton, Mass.-based Northland Investment Corp., a leading privately held real estate investment, management and development company, recently announced the formation of Northland Fund II, a private real estate investment fund that will target an elite portfolio of downtown and suburban office buildings, shopping centers, research and development properties, industrial properties, hospitality properties and multifamily communities throughout the United States. Formed in August 2005, Fund II is seeking $100 million in capital commitments from a limited number of qualified investors. To date, $80 million has been committed. Its predecessor, Northland Fund I, which was launched in 2002, is a highly successful portfolio with more than $200 million in investments.
Commenting on the new fund, Lawrence R. Gottesdiener, chairman and chief executive officer of Northland Investment Corp., said, “Northland Fund II enables us to build on the enormous success of our first fund, which exceeded our expectations in both its overall size and return on investment. Combined with Northland’s platform for future growth across all sectors of real estate, we are confident that Fund II will achieve the same quality results for our investors.”
Northland Fund II will be comprised of a diverse portfolio of high-quality real estate assets in a variety of markets. Using Northland’s best-in-class investment strategy, Fund II seeks to balance high-quality, lower-risk assets with higher yielding, value-added assets and development opportunities.
Founded in 1970, Northland Investment Corp. is a privately held real estate investment firm that specializes in the acquisition, development, operation and long-term ownership of commercial, retail, multifamily, industrial and hospitality properties throughout the United States. Northland owns a $1.25 billion diversified real estate portfolio comprised of 15 million square feet, with major concentrations in New England and along the southern tier of the country.
