Jones Lang LaSalle

Miami Company Acquires Boulevard Development
By Eric Peterson
Last updated: January 24, 2006 09:28am

(To read more on the industrial market, click here.)
WALL TWP., NJ-Miami-based Atlantis Business Development Corp. has acquired Boulevard Development LLC, a locally based group that specializes in developing and then reselling industrial, residential and commercial properties. Terms of the deal, including the sale price, were not released.

The key asset in the transaction is a 24.8-acre industrial site Boulevard owns and is preparing to development adjacent to the Monmouth Executive Airport here. The site’s build-out value has been estimated by Boulevard at up to $75 million. Alternatively, the site has the capability of several subdivisions with a resale value of more than $6 million. No specific plans have been announced.

“With this new land asset on our books, as well as the potential for growth, our shareholders will have the benefit of increasing value to their stock as the land becomes developed,” says Atlantis CEO Christopher Dubeau. “It is our intention, with Boulevard Development, to develop this land to its full potential.”