BOSTON, April 21, 2016 (GLOBE NEWSWIRE) -- Hilco Redevelopment Partners, a unit of Hilco Global, and their development partner, Redgate, have completed a transaction with Exelon Generation Co. to purchase the New Boston Generating Station in South Boston, MA. Terms of the transaction remain confidential.
"We are pleased to have completed the purchase of this important property with Exelon. This transaction highlights the unique types of real estate assets our group has been built to acquire," said Roberto Perez, Executive Vice President, Hilco Redevelopment Partners. "In the coming months, we will begin the planning process for the 15-acre site and we look forward to working with our partners at Redgate and all of the key stakeholders in South Boston as our plans progress", he said.
"The sale of New Boston Station is positive for the parties and for the South Boston community," said Ron DeGregorio, President of Exelon Power, SVP of Exelon Generation. "Exelon will continue to operate the remaining power generation unit at the site through the summer to help meet the electric needs of the region during a peak period, and then will work closely with Hilco and Redgate to transition the site to support the new owner's site redevelopment efforts", he said. Exelon will continue to own and operate power generation units in Everett, Medway and Framingham, MA.
Hilco Global has over 60 employees located in Boston and Dedham and is currently developing another commercial property in Waltham, MA
About Hilco Global: (www.hilcoglobal.com) Hilco Global is a Chicago based diversified financial services company with over 20 operating business practices, 500 employees and offices located in 11 countries. Hilco Global specializes in helping businesses understand the value of tangible and intangible assets and then works to monetize that value in a variety of different ways including acquisition, disposition, redevelopment, M&A, direct capital investments. Hilco Redevelopment Partners is part of the Hilco Real Estate practice and serves as a trusted advisor and principal investor in commercial real estate deals, delivering a single integrated solution to maximize the value of obsolete real estate properties. By leveraging the Hilco Global network, Hilco Redevelopment Partners develops customized solutions to efficiently remediate, recycle, monetize and redevelop complex assets and liabilities. Recent Hilco Redevelopment projects have included decommissioning and redeveloping Bethlehem Steel at Sparrows Point (Tradepoint Atlantic), a Sony Factory, a Cooper Tire plant, and numerous GM, Ford and Chrysler facilities, etc.
About Redgate: Redgate is a strategic real estate investment, development, project management, and advisory firm headquartered in Boston and with offices in Baltimore. The firm believes that every real estate endeavor is unique and deserves a highly-tailored approach managed with interpersonal precision while addressing a variety of constituency and community groups. Intensely focused on delivering returns as defined by clients and investors, Redgate ensures that they receive the right return on real estate for them – purpose-built neighborhood approaches that adhere to a common vision, are managed thoughtfully in real-time and delight in both experience and outcomes.
About Exelon Corporation: Exelon Corporation (NYSE: EXC), now including the Pepco Holdings utilities, is the nation's leading competitive energy provider, with 2015 revenues of approximately $34.5 billion. Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 32,700 megawatts of owned capacity comprising one of the nation's cleanest and lowest-cost power generation fleets. The company's Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon's six utilities deliver electricity and natural gas to approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Follow Exelon on Twitter @Exelon.
Exelon Generation Communications
EVP, Chief Marketing Officer
Hilco Redevelopment Partners
A photo accompanying this release is available at:
CONTACT:Gary Epstein EVP, Chief Marketing Officer Hilco Redevelopment Partners 847-323-4943
Source: Hilco Global