The Deal Sheet
| With few value-add opportunities in the market, Campanelli Cos. is still managing to pick up properties that work for them, like the nine buildings the Braintree-based firm bought Monday. |
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| Campanelli Cos.?s Dan DeMarco (second from left, back), with the development team. So far this year, Campanelli has bought nearly 700k SF. Yesterday, it announced it spent $19.6M to buy 573k SF in nine buildings; eight were in the GS Portfolio and the other, 30 Perwal St., was purchased from Analog Devices. Campanelli acquired the office, industrial, and flex properties with Dallas-based TriGate Capital. Dan says they'll follow the same strategy going forward. ?First and foremost, we ask, what is our price?? The firm is targeting property inside Rt. 128 that it can improve yet offer competitive rents and quickly deliver to tenants.***Patriot Energy Group purchased a 39k SF office building at 1 Rounder Way in Burlington from Rounder Records for $2.6M. Patriot will expand, moving some business units from Woburn into about 10k SF in the building, which is also occupied by Concord Music Group. Grubb & Ellis? Paul Delaney and John Coakley repped for the buyer. |
| Financing |
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| The Boston office of HFF arranged $109M in refinancing for two Class A multi-housing communities for Cornerstone Real Estate Advisers. Pacific Place Apartments is in LA and Glenview House Apartments is in Stamford, Conn. For LA, HFF?s Dana Brome,Tina Derderian, and Carlos Febres-Mazzei secured a five-year, fixed-rate loan through MetLife Real Estate Investments that took out an existing construction loan on the property. Dana and Carlos placed a floating-rate loan through Freddie Mac?s capped adjustable-rate mortgage program for the Stamford property. Loan proceeds are also refinancing a construction loan. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program. LeasingColumbia Management Investment Advisers has signed one of the biggest lease s of the year with Equity Office. CMIA will move into 156k SF at 225 Franklin St., space formerly occupied by Fish and Richardson. CMIA (recently purchased by Ameriprise Financial from Bank of America) will merge its Cambridge and Boston management offices and expand at Franklin Street. It expects a Q1 ?11 move in. *** NetScout Systems has renewed and restructured its 175k SF HQ lease at 310 Littleton Rd. in Westford, taking advantage of the tenant-friendly market. The Class A, standalone property was constructed for NetScout as a build-to-suit in 2001. CresaPartners' Chris Crooks, Joe Doyle, Adam Subber, and Dan Sullivan repped for NetScout and the landlord, Gutierrez Co., represented itself. *** South Shore Orthopedics and the South Shore Hospital have leased 52k SF at Two Pond Park Medical Center in Hingham, a new building being developed by an affiliate of A.W. Perry at the entrance of Hingham?s South Shore Park at Derby Street and Route 3. Campanelli Cos.? Peter Brown represented both parties in the transaction. *** Boston Productions signed a 10-year, 17k SF lease at 290 Vanderbilt Ave., Norwood. In November, it will relocate its HQ from 100 Morse St. NAI Hunneman?s Cathy Minnerly repped the tenant and Craig Barker of Boston Advisors represented the landlord, Distribution Services of America. Assignments Equity Residential has chosen Jones Lang LaSalle to sell Residence at Little River, a 174-unit garden apartment community in Haverhill. The JLL team is Michael Smith and Scott Jamieson of the Boston office, with Al Cissel and Scott Melnick from the Bethesda, MD office. Built in 2003 by Lincoln Property, Residence of Little River is a seven-building complex with single- and two-bedroom units on 32 acres just off of I-495. *** Boston Realty Advisors also has been hired by Regency Centers to lease over 16k SF of office space in the Shaw?s and Rite Aid anchored Twin City Plaza shopping center, located just down the street from the Lechmere MBTA Station in Somerville. *** The Richmond Group has chosen real estate PR firm Rhino Public Relations and Guarino Design Group, Inco to provide new marketing and communications materials. The Richmond Group is a construction management company focused on technology facility construction management. *** Diversified Project Management has completed the 190k SF NorthEast Electrical Distributors renovation and relocation project on Oak Street in Brockton. The electrical equipment distributing company relocated its HQ and distribution center from Will Drive in Canton. The new facility features a training center, employee cafeteria, and energy efficient lighting and controls that outperform the Massachusetts state energy code. |
