"This is a smart portfolio move," relays NBF senior acquisitionsanalyst Jay Hirsh, whose firm acquired 151 Campanelli Dr. on behalfof its Fund VII, a recently launched $350-million pool that ispursuing higher-yielding ventures across a wide berth of producttypes and US markets. NBF will also consider development deals,says Hirsh, explaining that a cash-flowing property such as 151Campanelli Dr. provides fiscal ballast to the riskier undertakings.That notion is shared by NBF VP Robert Kirschner, who predicts thenewest asset "will bring New Boston low risk and stable returns."The lease with Eastern runs through 2019.

|

Grubb & Ellis investment sales specialist Anthony Biettesays the solid underpinnings of 151 Campanelli Dr. that attractedsome 50 inquiries and a dozen final bids go beyond the extendedlease, which was originally struck with the Plymouth Institute forSavings prior to that group's absorption by Eastern. According toBiette, whose Investment Services Group guided the deal through adifficult sales climate, "the property is an excellent example ofCampanelli's tradition of building well-constructed buildings indesirable locations." First opened in 1989, 151 Campanelli Dr. hashad two expansions to grow from 25,000 to 58,000 sf, the first in1996 and the second in 2003.

|

Hirsh also praises the physical aspects of 151 Campanelli Dr.,describing it as "a prime, high-quality piece of real estate"sporting a flexible floor plan that has been well-maintained underCampanelli's stewardship. Part of the Campanelli Business Park inMiddleborough, 151 Campanelli Dr. sits on a seven-acre site justoff Route 28 and near Interstates 190 and 495.

|

Having closed out its Fund VI, NBF has turned its attention toFund VII, with 151 Campanelli Dr. representing its fifthinvestment. Other acquisitions for Fund VII include an officedevelopment in Hanover, MD; a mixed-use opportunity in Blacksburg,VA; a pair of class A office buildings and 18 acres of land inSterling, VA; and the Atlan Tech Tower in Fort Lauderdale, anoffice building and 2.5 acres of developable land. According toHirsh, the fund is already doing deals in most major regions in theUS, and is eyeing expansion west to Arizona and California.

|

Beyond the specific property itself, Hirsh says NBF is bullishon southeastern Massachusetts and will consider more investmentsshould they come available. Middleborough is poised for furthereconomic gains going forward even if the proposed casino by aregional Native American tribe does not come to pass, says Hirsh,with tightening vacancy rates and rising rents reflecting theimproved environment. "We like the area a lot," he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.