MaineBusiness.com

The 84,000-square-foot facility, fully leased to the federal government, is part of RAM’s goal of acquiring stabilized industrial property in New England and South Florida

SCARBOROUGH, Maine – The RAM Companies has completed the purchase of 10 Industrial Drive in Chelmsford, Mass., announced Brian A. Gagne, Executive Vice President of Acquisitions and Development. The 84,000-square-foot facility – long-term leased to the U.S. Government’s Department of Veterans Affairs – fits RAM’s strategy of acquiring stabilized industrial property in New England and South Florida.

The 10 Industrial Drive property was built for the VA in 2004. RAM (www.ramcompaniesusa.com) acquired the facility from New Boston Fund.

“10 Industrial fits well into our current portfolio,” Gagne said. “It is a strategically-located, five-year-old building that provides us strong tenancy and cash flow. RAM’s goal at this stage in the economy is to continue to acquire stable, cash flowing property, with good lease term. We are traditionally conservative investors and will continue to operate in that manner.”

The acquisition of 10 Industrial marks the third significant acquisition in recent months for The RAM Companies. Others include the Leominster Commerce Center in Leominster, Mass., and 234 Ballardvale St. in Wilmington, Mass.

RAM recently launched the RAM Opportunity Fund I, which is focused on the continued acquisition of stabilized industrial real estate throughout New England and South and Central Florida, said Todd J. Goldenfarb, Vice President of Acquisitions and Development at The RAM Companies. The fund will target “well located, stabilized properties that can be bought at discounts due to the current economic environment,” he said.

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. The firm maintains offices in Scarborough, Maine and in Miami, Florida. For more information, visit www.ramcompaniesusa.com.

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Media Contact: Brian A. Gagne, RAM 207-885-4200; Todd J. Goldenfarb, RAM 305-529-6238