News Release

Caracor and New Boston add to Portfolio
Thomson Building to Become Distribution Facility

New Boston Caracor Dunmore Realty, LP, a partnership between Allentown-based development company Caracor, LLC and investment firm New Boston Fund, Inc., has acquired the former Thomson Electronics Facility in Dunmore, Pennsylvania. The building is situated outside of Scranton in the Keystone Industrial Park at the intersection of Route 81, Route 84, and Route 6. The deal includes a 42-acre site and 500,000 SF building with 26-foot clear ceilings. The partners intend to spend $5,000,000 to renovate the facility for distribution and warehouse uses with new flooring, sprinklers, dock doors, heating and lighting throughout.

“We purchased this property because of its proximity to major highways and the New York and Philadelphia markets, as well as because of the extraordinary construction of the facility already in place,” explained Del Markward, SIOR, President and Founder of Caracor. “We expect it to be a favorable addition to our portfolio.”

The seller, Thomson #1, LLC and Thomson #2, LLC, was represented by Mike Capobianco, SIOR of Markward Group in the transaction. “This is a good distribution location for New England and the Atlantic Seaboard,” said Mr. Capobianco. “Demand for this type of product should remain strong,” he added. Mr. Capobianco will be a part of the team that will market the property for the new owners. Management of the property will be handled by Markward Group Management and Maintenance, LLC.

The Thomson plant, which produced television tubes and had been in operation since 1966, was closed in 2001 when production was relocated to Mexico.

About Markward Group and Caracor

Markward Group, Inc. is a full-service commercial real estate company headquartered in Allentown, PA which provides brokerage, property management, maintenance and development services throughout eastern Pennsylvania. Markward Group’s clients include real estate owners, developers, investors and tenants. Caracor, LLC is the development arm of the Markward Group family of companies. The company invests in all major commercial real estate property types, including industrial, retail, office, multi-family and undeveloped land.

About New Boston Fund, Inc.

New Boston Fund is a privately held real estate investment and development company led by seasoned real estate practitioners and known for its exceptional returns for investors. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.6 billion including 19 million square feet of commercial real estate and  6,200 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban strategy real estate funds. The New Boston Fund: People, Values, Returns.

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