Spectrum Secures $12-Mil Loan for 31-Acre Polaroid Site

NORTON, MA-A month ago Polaroid Corp. announced it was selling it Cambridge Reservoir site in Waltham, MA, a deal that could bring in more than $100 million, as reported by Naomi Grossman for GlobeSt.com. Now, another recently completed site that still bears Polaroid’s name has been sold and the new owners have obtained mortgage financing for it in the amount of $12 million.

An affiliate of Campanelli Companies has purchased the Polaroid Americas Logistics Facility here. Before the instant imaging company’s building was even finished, it was on the block and the ink was drying on the deal.

Sun Life Assurance Co. of Canada is providing the loan; Spectrum Financial Corp. serves as the company’s mortgage loan correspondent. The site is located on 31 acres with a 336,000-sf warehouse and distribution facility. It’s on Route 140, one mile from the interchange of Route I-495 and three miles from Route I-95 in what is a growing suburban market.

The Waltham site put on the block consists of four buildings totaling 536,000 sf of space on 56 acres the company purchased in the late 1960s. At the time the sale was announced, a company spokesperson adamantly told GlobeSt.com the sale did not reflect financial difficulties for the company, simply a desire to cash in on the hot real estate market in the area. Grubb & Ellis is serving as the broker for that deal.