01/12/2007

Condyne Acquires 600,000 SF Facility at 81 Commerce Drive in Fall River Industrial Park for $23M

Condyne is pleased to announce the $23 million acquisition of 81 Commerce Drive in Fall River, MA, in a joint venture with investors advised by Prudential Real Estate Investors (PREI®). This 600,000 square foot facility, including 540,000 square feet of manufacturing and high bay distribution center boasting 19 tailboard doors, also includes a 60,000 square foot first class office attached to the main building. The building sits on 33.5 acres of land and is located in the Fall River Industrial Park, just off Route 24 and minutes from Route 495. In addition to the tremendous highway access, the park tenants, including well known companies such as A.J. Wright, Silver Line and American Dryer, benefit from the access to quality labor, public utilities, enterprise zone and public transportation.

The facility is fully leased to two tenants, Quaker Fabrics and Joan Fabrics. Quaker Fabrics, one of the undisputed leaders in the U.S. upholstery fabric industry, is headquartered in Fall River and occupies 540,000 square feet of the building for a variety of manufacturing purposes. The remaining 60,000 square feet of office space are leased by Joan Fabric Corporation, a privately owned maker and developer of quality woven fabrics. The property will be managed by Condyne, LLC. “This acquisition continues to support our industrial growth in the New England market. This is a first class building to be held long term” stated Jeffrey C. O’Neill, President of Condyne.

PREI, the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), is comprised of fund management centers in Parsippany, N.J.; Atlanta, Ga.; Munich, Mexico City, London and Singapore, is supported by a network of local offices throughout the world. PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of September 30, 2006, PREI managed $$32.9 billion in gross assets (23.7 billion net).

Condyne is one of the leading commercial developers in New England. Condyne was recently named the fifth largest commercial developer in Massachusetts in Boston Business Journal’s 2006 Book of Lists. Condyne’s growth to the top of the industry has been highlighted by such projects as Revolutionary Way Commerce Center, a 140,000 square foot industrial warehouse and office building located in Taunton, MA; the redevelopment of 111,840 square feet of warehouse and office space at 160 Dascomb Road in Andover, MA; as well as the redevelopment of a 36,500 square foot warehouse/office building in Franklin, MA. At present, Condyne continues to be a market leader with 1.5 million SF of development projects in the final stages of construction and development.