BRAINTREE, MA-Campanelli Cos. formed a joint venture with TriGate Capital and scooped up an eight-property GS Portfolio and a single property from Analog Devices. The portfolio was acquired for $15.8 million, while 30 Perwal St. in Westwood, MA was picked up for $3.8 million. The purchase was assisted with low-levered financing from Eastern Bank along with Cambridge Savings. Campanelli would not disclose the terms of the financing to GlobeSt.com.

Daniel DeMarco, partner at Campanelli, said the joint venture is "just a great match of opportunity real estate capital, and development and repositioning expertise. It really gives us the equity Campanelli needs in today's finance markets to go out and purchase for repositioning." Campanelli traditionally uses capital improvement and lease-up programs on its properties.

The properties in the GS Portfolio are: 700 and 900 Technology Park Dr. in Billerica, MA; 5 and 10 Cornell Pl. in Wilmington, MA; 255, 261 and 265 Ballardvale St. in Wilmington MA; and 9 Townsend Dr. West in Nashua, NH. "These are functional buildings mostly one-story, a couple of two story building, between routes 128 and 495, [excepting the New Hampshire property]," DeMarco explains. "They all have excellent access to highway and they're all in need of a little TLC."

Campanelli is looking to do base building repairs, redo parking lots, put new roofs on and position for resale. "There's still high vacancies in the suburban markets, but if we can offer a quality package that offers curb appeal and can do it at a very competitive price we think that's a formula for success," he tells  GlobeSt.com. Eastern Bank, he explains, is also willing to provide financing for leasing up the property once it is repositioned.

The properties fall into the Office/Flex or Office & Warehouse/Manufacturing categories. The GS Portfolio was picked up out of special servicing from Midland with the assistance of Frank Morrisey from the Quincy, MA-based law firm Morrisey, Wilson & Zafiropolous.