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BRAINTREE, MA-Locally based Campanelli Cos. has added a 14th property to its Bay State portfolio with the $10.3-million acquisition of a 160,000-sf, two-building office complex in here.The 350 Granite St. office property, which has been renamed Granite Woods Corporate Center, was acquired from Verizon of New England Inc. for substantially below replacement costs, Campanelli principal Stephen Murphy tells GlobeSt.com. Under the terms of the sale, Verizon will continue to occupy about 25% of the property under a long-term lease agreement.

“It commands an exciting location in the marketplace,” Murphy says of the property, which is located off Route 128 and is adjacent to South Shore Plaza. “For many tenants looking for a well-located, value opportunity, I think this is going to be well received.”

Campanelli Cos. will spend about $18 million to renovate the property, constructing new entry lobbies and common areas, and upgrading landscaping and mechanical systems, Murphy says.

With floor plates of 40,000 sf , high corporate visibility, covered parking and views of a nearby reservoir the property is well suited for larger tenants and should be substantially leased within 18 months, he adds. “For tenants looking for 40,000 sf or more of contiguous space, they’re going to have to seriously look at this as an alternative,” he notes, adding that several prospective tenants have already viewed the complex. Lease rates on office space, however, have not yet been established but will remain “competitive with the market,” Murphy adds.

Murphy says the complex was well suited for Campanelli’s strategy of investing in value-added properties in key locations. The company currently owns 13 office and industrial properties in Weymouth, Stoughton, Norwood, Bedford, Westborough, Brockton, Middleborough and Braintree.

Murphy handled the transaction for the buyer while David Wright with CB Richard Ellis’ Boston office negotiated the deal for Verizon.

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