Campanelli JV Acquires Pair of Suburban Boston Assets for $53M
- Jan 21, 2020
Campanelli has joined forces with TriGate Capital in the acquisition of 161 Worcester Road and 492 Old Connecticut Path, two office buildings in Framingham, Mass. According to Yardi Matrix data, Colony Capital sold both assets for $53.3 million.
The 118,713-square-foot, six-story 161 Worcester Road building was 85 percent occupied at the time of the sale. Notable tenants include Charles Schwab, MSA Financial and Wells Financial Advisors. The property has an adjacent 7,200-square-foot retail building, fully leased to Temazcal Tequila Cantina. The other asset encompasses 166,101 square feet and was completed in 1984. At the time of the transaction, the property was 94 percent leased to a wide array of businesses, including Rave Mobile Safety, Virgin Pulse and CST.
The assets are 1.5 miles away from each other and are surrounded by several accommodation options, retailers and communities. Blue-chip companies such as Bose, MathWorks, MEDITECH, Staples and TJX all have offices in the area, while Framingham State University is 2 miles away. Additionally, both properties are close to the Golden Triangle, one of the largest retail districts in New England.
A Newmark Knight Frank Capital Markets team of Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble, and Director Samantha Hallowell, alongside Executive Managing Directors Michael Frisoli and J.R. McDonald, and Senior Managing Director Tyler McGrail brokered the deal. NKF will also be handling leasing operations for both properties. Earlier this month, Maher, Pullen, Tribble and Hallowell arranged the sale of two interconnected office buildings in Boston.