For Immediate Release
January 12, 2005

Contact:
Howard Goldenfarb
207-774-1030 x210
Brian Gagne
(207) 774-1030 x230
E-mail: jason@wolfenews.com

Real estate developer Howard A. Goldenfarb, President of Portland, Maine-based Ram Management Company, announced today the acquisition of 445 Simirano Drive in Marlborough, Massachusetts. The property was purchased from Boston-based Craneview Investments, LLC for $6.6 million.

Ram will make extensive upgrades to the 175,000-square-foot industrial facility, which is currently vacant. Ram has retained Framingham, Mass.-based Hughes Properties to handle leasing and marketing of the property, which already has several interested parties.

Brian A. Gagne, Ram’s Executive Vice President of Development, said the project is part of Ram’s continued effort to find properties to improve and develop throughout New England.

“We see Massachusetts as a logical place to continue our expansion into Southern New England,” Gagne said. “Our recent acquisition in Canton, Massachusetts, coupled with our existing portfolio in the region, has put us in a strong position to continue to gain market share. It is our goal to continue to acquire properties to upgrade that add value to our portfolio and the communities we work in.”

Gagne added that Ram is also in the approval process for a new industrial building in Marlborough and hopes to start construction in the spring.

Well known throughout Maine, New England, and Europe for much-acclaimed retail, residential, industrial, and office developments, Ram also is presently in the design and approval stage for a $55 million industrial development in Miami. The firm was the original developer of factory outlets in Kittery and Freeport, Maine as well as in England, Europe, and Israel. Ram’s past work also includes the redevelopment of 21 buildings in Portland’s Old Port area.

The company also recently submitted an application for The Cottages at Cape Arundel by Ram, an exclusive single-family condominium development in Kennebunkport, Maine.

“With a very strong equity base and reputation, Ram is positioned to continue to effectively purchase properties like 445 Simirano Drive, and others throughout New England,” said Goldenfarb, one of New England’s most notable developers with nearly three decades of experience managing and developing real estate.

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