"We liked the profile of the deal," says NBF senior acquisitions analyst Jay Hirsh. "It seems like a good fit for what is going on in the market today." Colleague Robert Kirschner, who joined Hirsh in negotiating the purchase on behalf of NBF, notes that the park has no leasing exposure for the next three years and is occupied by established tenants, including Verizon Corp. and the Telephone Workers Credit Union. "The acquisition of Granite Woods Corporate Center is a strategic, defensive investment for New Boston," concurs Jim Kelleher, the Boston-based group's chief investment officer. A 7.5-acre complex, Granite Woods was secured via NBF's Fund VII, a $350 million investment vehicle that has a diverse national strategy.

Although sources put the mark at $160 per sf, NBF and Campanelli did not disclose the sales price of Granite Woods, negotiations on which GlobeSt.com previously reported. The latest purchase mimics another Fund VII conquest made in recent months, with NBF previously paying $9.1 million for 151 Campanelli Dr. in Middleborough. Not only are both properties in south suburban Boston, the Campanelli Cos. harvested the Middleborough asset as well. In addition, while Fund VII was created to pursue value-added opportunities, the Massachusetts deals are core investments bearing little near-term risk. But that does not mean the fund's profile has changed, according to Hirsh, relaying that NBF always planned to intermingle stable assets with those in need of repositioning. Also, he explains, part of the strategy is to find "the best plays in the market," and to pursue those when possible.

The quality of Granite Woods, combined by comfort from its past relationship with Campanelli, encouraged NBF to pursue the deal despite a rocky capital climate, says Hirsh, who maintains competition would have been more fierce if the debt markets had not sidelined other suitors. "I would say we got a little lucky," he offers while also praising Campanelli and broker Eastdil Secured for orchestrating "a really easy transaction." Eastdil officials did not respond to inquiries on the sale, which was negotiated by principals Peter Joseph, James McCaffrey and Christopher Phaneuf on behalf of Campanelli Cos.

Located adjacent to the South Shore Plaza, Granite Woods Corporate Center is accessible to nearby Interstate 93, Route 24 and the Massachusetts Turnpike, as well as Routes 3 and 128. The two buildings were originally constructed in 1972 and 1991, with Campanelli infusing $3.5 million of capital improvements after buying the park from Verizon and leasing back 40,000 sf to that telecommunications giant. According to Hirsh, the Verizon lease was done at a rate below current market rents, offering the potential for solid upside when that deal terminates in a few years. "It's a nice combination of strong cash flow and good upside," says Hirsh.