Outlet mall co. acquires Mass. property
RAM Cos., a Scarborough-based property management firm, recently purchased industrial property in Chelmsford, Mass. - the third such acquisition in the last seven months.
The property, 10 Industrial Dr., is a long-term lease facility occupied by the federal Department of Veterans Affairs, according to a release from the company. The 84,000-square-foot building was built for the VA in 2004 and sold by New Boston Fund, according to the release.
Brian Gagne, executive vice president of acquisitions and development, said in the release that the company is pursuing stable, tenanted properties with good cash flow in New England and South Florida. "We are traditionally conservative investors and will continue to operate in that manner," he stated.
The company bought a fully leased, 111,000-square-foot industrial complex called Leominster Commerce Center in Leominster, Mass., in March and a 100,000-square-foot industrial facility in Wilmington, Mass., in October.
The firm is known locally for sparking the redevelopment of the Old Port, when in the 1970s founder Howard Goldenfarb began acquiring Old Port properties and renovating them. The company also founded outlet malls in Kittery and Freeport.
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