Intercontinental Announces Second Acquisition on Behalf of U.S. Real Estate Investment Fund, LLC
Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of 400 Capital Boulevard in Rocky Hill, CT. The investment marks the second acquisition on behalf of Intercontinental’s newly formed U.S. Real Estate Investment Fund, LLC (U.S. REIF).
400 Capital Boulevard is a Class A office building totaling 103,124 square feet. The building, situated on 11 acres of land, consists of a single 4-story office building with 26,000 square foot floor plates and a 515 space surface parking lot. Located in Hartford’s Southern submarket, 400 Capital Boulevard lies within Corporate Ridge Office Park, one of the region’s premier business parks. Completed in 2004, 400 Capital Boulevard is the newest addition to the Class A office park. The property is currently 100 percent leased to two tenants: Semperian, a subsidiary of GMAC; and United Healthcare Services Inc., a subsidiary of Unitedhealth Group.
“We are pleased to further enhance the foundation of our U.S. Real Estate Investment Fund portfolio. 400 Capital Boulevard is a high quality asset with a competitive market position,” commented Thomas Taranto, Director, Head of Asset and Portfolio Management at Intercontinental.
U.S. REIF is seeking investments in yield-driven real estate, diversified by geography and product type. The fund’s primary focus is on assets which provide stable and predictable cash flow with an opportunity of capital appreciation.
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental manages a portfolio in excess of $1.6 billion for its clients.