March 15th, 2011
WILMINGTON, Mass. (March 15, 2011) – Howard A. Goldenfarb, President of Scarborough, Maine based real estate firm, The RAM Companies, announced today the purchase of 33 Upton Drive in Wilmington, Mass. The property, which is fully leased by three tenants, is part of RAM's continued model of purchasing stabilized property in attractive locations that provide current cash flow and long term value.
The 53,271 square-foot, steel framed property was most recently renovated in 2008.
RAM Executive Vice President Brian A. Gagne, who sourced the deal for the firm stated, “33 Upton is a great property for the RAM portfolio. The property has a good tenant mix led by York Telecom, a firm that specializes in global enterprise communications systems. We own multiple properties in the Wilmington area, and believe that as the economy continues to recover, this area will continue to be attractive for real estate investors such as ourselves.”
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.
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