Daniel R. DeMarco, a partner at Campanelli, says the acquisition of the site, which will be renamed Upland Woods, is "a rare opportunity for development in the heart of the busy Route 128 corridor." Upland Research Park was built between 1970 and 1973 and is located on a parcel of land that was formerly owned by the Forbes family.

DeMarco points out that this type of venture, that includes a campus with two buildings, the potential for expansion, and access to Route 128, is one that the company has not seen in several years. Stephen J.T. Murphy, a partner at CQ Properties, notes that Upland Research Park is "uniquely suited to a variety of emerging and established commercial interests." Murphy adds that the site has not been "adequately positioned" within the real estate marketplace for the past few years.

"We plan to reposition it and aggressively market it for multi-tenant requirements in high-tech, manufacturing and flex markets," he says. Current tenants include 3M Worldwide, JDS Uniphase and Precision Optical Systems. Polaroid plans to lease back approximately 66,000 sf. Skip Colcord, a spokesperson for Polaroid, tells GlobeSt.com that the lease is mid- to long-term. "For us," he says, "there is no change in operations."

The 131-acre site is situated near Route 1, one mile from Route 128 and approximately three miles from the intersection of Routes 128 and 95 South and the Amtrak commuter rail station in Westwood. It is also approximately one mile from the MBTA station in town. The company says it will spend several million dollars to upgrade the setting.

Spaulding & Slye Colliers of Boston negotiated the sale of the property to CQ Properties and Common Fund Realty. Spaulding senior vice presidents Scott J. Jamieson and Peter W. Richardson and vice president Darryl J. Asack represented Polaroid in the purchase and sale.

"This transaction allowed Polaroid to monetize excess real estate in an efficient manner," says Jamieson, "and will allow Campanelli the opportunity to utilize their construction, development and management expertise to reposition this premier site into a vibrant commercial park." Polaroid sold its 56-acre campus in Waltham to the Davis Cos. more than two years ago for $70 million.