Campanelli, Clarion Plan 427,500 SF of Industrial
*Originally published by Joe Clements, The Real Reporter
BELLINGHAM — Campanelli is returning to the business park business— and doing so joined by a powerful new ally in Clarion Partners, with the pair announcing a plan to construct 427,500 sf of speculative industrial real estate overlooking Interstate 495 in this South Shore community where a90-acre land purchase paves the way for two buildings to break ground simultaneously, structures scheduled for completion in under a year.
“Clarion’s expertise is clearly evident given the depth of their presence in the market and an impressive track record as industrial portfolio operators,” Campanelli partner Robert DeMarco relays in a prepared statement where he explains the parcel “gave us the perfect opportunity to join forces, and we are thrilled to embark on this venture together.” Homegrown Campanelli is hardly a slouch on the industrial front, the groundbreaking being its 14th such endeavor creating millions of square feet in parks on vast sites stretching from Braintree and Stoughton tWestfield on the New York State border.
An Ohio healthcare REIT, Welltower, was the seller of the Bellingham parcel in a deal negotiated by Andrew Sacher of AIS CRE. Campanelli’s development acumen and Clarion’s history with industrial determined the Bellingham site “is an ideal spot for distribution,” observes DeMarco. The JV has retained JLL industrial professionals Edward Jarosz and Richard Schuhwerk to lease up the considerable inventory that will be erected on a fast-track basis using Campanelli’s seasoned in-house construction crew. The leasing brokers also offer an optimistic view.
“These will be the best two industrial facilities in the market when completed,” declares Jarosz regarding The Business Park of Bellingham which he deems “perfectly positioned to capture increasing tenant demand being driven by the rise in e-commerce activity.” On-line sales area force setting the industrial CRE arena on its ear, but for the good versus a deleterious impact being felt on retail. Having multiple metropolitan centers in its scope is among the factors JLL also cites in anticipation of a brisk response to the Bellingham property.
“The development offers outstanding highway access and visibility from Interstate 495 paired with state-of-the-art design features ideally suited to meet the requirements of today’s modern industrial user,” Jarosz outlines. Space can be ready for occupancy as early as August 2018. Building I will have 127,500 sf and Building II 300,000 sf.
Campanelli counts land development and design/build services among its “signature capabilities” honed from constructing over 22 million sf all told since inception 70 years ago, increasingly using partners such as TriGate Capital into office value-add opportunities, while specialty groups have led to a series of freezer warehouses built along the East Coast for a third-party client.
Clarion Partners is an SEC-registered investment advisor active for over 35 years in real estate financial circles throughout the United States and overseas to London and South America. Its $43 billion in total assets under management is spread across the United States, with metropolitan Boston a current target among more than 300 domestic and international institutional investors. Headquartered in New York City, the firm has a local office and is also in such cities as Atlanta, Dallas, Los Angeles and Seattle.