DENVER, Aug. 13, 2015 /PRNewswire/ -- Amstar, a Denver based real estate investment manager acting on behalf of one of its public retirement system clients, announced today the acquisition of a 12-acre development site in Norton, MA. Amstar and its development partner, Condyne Capital Partners ("Condyne"), will construct a 200,000 square-foot industrial building (the "Project") on the site. The Project is scheduled to begin vertical construction in August 2015.
The Project is located within Norton Commerce Center, a 123-acre master planned business park that currently consists of 576,000 square feet of fully leased or owner occupied industrial and flex buildings. The site benefits from direct access to Interstate 495 and is located approximately 30 miles south of Boston and 18 miles northeast of Providence, Rhode Island. The 200,000 square-foot building will feature 36-foot clear height, an ESFR sprinkler system, T-5 lighting, 20 dock loading doors, and ample trailer parking. The space is divisible into tenant spaces as small as 67,000 square feet and is scheduled for completion in the spring of 2016. Transwestern | RBJ has been retained to lease the project.
"The supply and demand fundamentals for industrial development in the Greater Boston area are compelling, with a significant amount of pent-up demand, record low vacancy rates, and effectively no new speculative development. Amstar is pleased to form a partnership with Condyne Capital Partners, given their industrial development expertise and construction-ready land site. Condyne designed a project that we believe is the right building at the right time in the dynamic I-495 South submarket," said Amstar Managing Director Tricia Noble.
The investment fits within Amstar's industrial development strategy, which is focused on providing superior risk-adjusted returns by partnering with high-quality local development firms to acquire exceptional construction-ready land sites in strong U.S. industrial markets and adding value through the development and leasing of institutional quality Class A industrial product. Amstar, since 2014, has commenced construction of over 2.5M square feet of speculative industrial properties in Dallas, Fort Worth, Houston, Atlanta, Charleston and Portland.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Currently, Amstar and its clients utilize perpetual separate account structures which grant the flexibility needed to optimize risk-adjusted returns through multiple market cycles. Amstar is a privately-owned company with over 66 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
About Condyne Capital Partners
Condyne specializes in industrial real estate throughout the Northeast developing, acquiring, and repositioning real estate assets with strength in high bay distribution centers. Vertically integrated, the firm provides design, engineering, construction, development and property management services for its clients.