Campanelli Sells Class A Office Building to Grander Capital Partners and North Colony Asset Management
*Originally published in Boston Real Estate Times
BOSTON — Newmark Knight Frank has completed the sale of Heritage Point in Quincy, Massachusetts to Grander Capital Partners, spearheaded by Ted Norberg, and North Colony Asset Management for $28.35 million.
Led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Director James Tribble and Associate Director Samantha Hallowell, NKF’s Boston Capital Markets group, in conjunction with NKF Executive Managing Director Michael Frisoli and Associate Director Tyler McGrail, oversaw the transaction of the Class A office building on behalf of Campanelli.
Campanelli has extensive development experience in the city of Quincy through Partner Dan DeMarco’s dedication to the YMCA and the Quincy Chamber of Commerce as well as the firm’s previous repositioning of both Colony Place and President’s Place.
Encompassing 160,912 square feet, Heritage Point is presently 85 percent leased to a diverse rent roll comprising seven tenants, six of which relocated to the property from Boston. The asset is one of three buildings within Heritage Landing, the South Shore’s premier office campus, which was purchased by the joint venture of Campanelli with Trigate Capital of Dallas, Texas in 2013/2014.
“Heritage Point benefits from a successful multi-million dollar strategic transformation perfectly executed by the Campanelli-Trigate partnership and highlighted by modernized common areas, updated building systems and new amenities,” said Pullen. “These capital improvements have resulted in more than 100,000 square feet of leasing activity at the building in the past two years.”
Heritage Point’s on-site amenities include a fitness center, conference areas and a full-service café with an exterior deck featuring water views. The asset also benefits from a premier transit-oriented location just one-half mile from the MBTA Red Line, which offers a swift connection to Downtown Boston and Cambridge, and within close proximity of Route 3A and Interstate 93.
“Heritage Landing’s dynamic location on the MBTA’s Red Line paired with our vision for a best-in-class office property proved to be a winning combination, appealing to transit-oriented tenants seeking a great value,” enthused DeMarco. “This is evidenced by the impressive percentage of tenants who relocated to Heritage Landing, including State Street Bank, ClinEdge and the Mass Teacher’s Association, from Boston.”
NKF arranged the sale of both Heritage One and Heritage Two on behalf of Campanelli-Trigate earlier this year. The properties, which make up the remaining two-thirds of Quincy’s Heritage Landing campus, were sold to FoxRock Properties and Grander Capital Partners, respectively.
“The success of Heritage Landing is a testament to Campanelli’s vertically integrated platform and ability to identify favorable market trends. We utilized our in-house team of development, construction, property management and leasing professionals to execute on a successful repositioning that many saw as a significant challenge when we first purchased the portfolio,” stated Steve Murphy, Partner & Principal of Acquisitions at Campanelli.
Campanelli is now working on its latest redevelopment project, 100 Tech, a 186,000-square-foot, Class A office building located in Stoughton, Massachusetts. Currently undergoing extensive renovations, 100 Tech offers a best-in-class, work-play environment unique to the Route 128 South market. The redevelopment is characterized by sleek common areas, high ceilings, abundant natural light, a technologically intelligent infrastructure and a robust amenity offering that is unsurpassed in suburban Boston.
100 Tech’s refreshing new design was conceived with employer recruitment and retention goals, employee satisfaction and high employee productivity in mind. The project, set for completion in November 2017, is actively being leased by the NKF team led by Executive Managing Director Michael Frisoli and Associate Director Tyler McGrail.