Stanley J. Sidel and Joseph Hegenbart, co-managers of Legg Mason Real Estate Services/Spectrum Financial arranged the financing for Campanelli through LMRES/Spectrum's correspondent relationship with John Hancock Life Insurance Company. According to Sidel, usually the developer owns both the building and the land but in this case, Lowe's wanted to build its building on its own.
The new Lowe's is located on the site of the former HomeQuarters, which Sidel says withered under the competition from larger home improvement chain stores. "The location was not the problem for HomeQuarters," he points out. "Nationally, they were unable to compete."
Lowe's is the second largest home improvement retailer in the country and has more than 730 stores across the US. The company knocked down the building that previously occupied the site because it didn't mach its store-configuration standard configuration and built a 150,000-sf facility. This is the company's second store in eastern Massachusetts.
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