"We liked the profile of the deal," says NBF senior acquisitionsanalyst Jay Hirsh. "It seems like a good fit for what is going onin the market today." Colleague Robert Kirschner, who joined Hirshin negotiating the purchase on behalf of NBF, notes that the parkhas no leasing exposure for the next three years and is occupied byestablished tenants, including Verizon Corp. and the TelephoneWorkers Credit Union. "The acquisition of Granite Woods CorporateCenter is a strategic, defensive investment for New Boston,"concurs Jim Kelleher, the Boston-based group's chief investmentofficer. A 7.5-acre complex, Granite Woods was secured via NBF'sFund VII, a $350 million investment vehicle that has a diversenational strategy.

Although sources put the mark at $160 per sf, NBF and Campanellidid not disclose the sales price of Granite Woods, negotiations onwhich GlobeSt.com previously reported. The latest purchase mimicsanother Fund VII conquest made in recent months, with NBFpreviously paying $9.1 million for 151 Campanelli Dr. inMiddleborough. Not only are both properties in south suburbanBoston, the Campanelli Cos. harvested the Middleborough asset aswell. In addition, while Fund VII was created to pursue value-addedopportunities, the Massachusetts deals are core investments bearinglittle near-term risk. But that does not mean the fund's profilehas changed, according to Hirsh, relaying that NBF always plannedto intermingle stable assets with those in need of repositioning.Also, he explains, part of the strategy is to find "the best playsin the market," and to pursue those when possible.

The quality of Granite Woods, combined by comfort from its pastrelationship with Campanelli, encouraged NBF to pursue the dealdespite a rocky capital climate, says Hirsh, who maintainscompetition would have been more fierce if the debt markets had notsidelined other suitors. "I would say we got a little lucky," heoffers while also praising Campanelli and broker Eastdil Securedfor orchestrating "a really easy transaction." Eastdil officialsdid not respond to inquiries on the sale, which was negotiated byprincipals Peter Joseph, James McCaffrey and Christopher Phaneuf onbehalf of Campanelli Cos.