Campanelli, Clarion land tenants at spec industrial park in Bellingham
*Originally Published by Catherine Carlock for Boston Business Journal, 4.15.19
Braintree-based real estate development and construction management firm Campanelli and New York-based investment management firm Clarion Partners have leased up the first of two speculative industrial properties at the Campanelli Business Park in Bellingham.
Snyder’s-Lance Inc. subsidiary S-L Distribution Co. and 7-Eleven will lease a combined 127,500 square feet at the Campanelli Business Park’s Building 1, a Class A industrial warehouse at 353 Maple St. that was completed in October.
S-L Distribution Co. has leased 76,750 square feet, and will relocate from Foxboro, while 7-Eleven has leased 50,750 square feet, and will relocate from Wrentham.
Campanelli and Clarion began construction on spec — that is, without a tenant signed ahead of time — in fall 2017. The firms also developed a second 300,000-square-foot speculative building in the Campanelli Business Park.
The deals come at a time when several developers have broken ground on spec developments, such as The Gutierrez Co.’s plans to add 767,000 square feet to Northborough’s Crossroads Industrial Park, according to a recent research report from Newmark Knight Frank. Overall average asking rents for industrial space have increased in the past six quarters to $8.82 per square foot from $7.88 per square foot, the report said.
“Overall inventory continues to grow as a healthy construction pipeline churns out new product,” wrote Jonathan Sullivan and Michael Malinconico, researchers at Newmark Knight Frank, in a first-quarter report on Boston’s industrial market. “As the majority of construction is going on spec, large availabilities upon delivery point to vacancy figures suggesting deliveries may have finally outpaced demand.”
Tyler McGrail of Newmark Knight Frank and Brad Struck and Sharon Morrison of Frisco, Texas-based real-estate brokerage ESRP represented 7-Eleven, while Rob Byrne, Paul Leone and George O’Connor of Cushman & Wakefield represented S-L Distribution Co.
“We are pleased to have represented ownership in these significant lease transactions at the Campanelli Business Park of Bellingham,” Jarosz said in a statement. “Building 1 was developed specifically to provide the best-in-class specs that are in high demand of nationally based tenants. Ownership constructed a top-notch building, and as a result, it has quickly leased up.”