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MIDDLEBOROUGH, MA-This picturesque South Shore community could someday be home to a major casino, but the buyers of a 58,000-sf commercial building here say the purchase of 151 Campanelli Dr. is anything but a gamble. The New Boston Fund paid $9.1 million for the single-story brick building, which is leased long-term to top-credit tenant Eastern Savings Bank.

“This is a smart portfolio move,” relays NBF senior acquisitions analyst Jay Hirsh, whose firm acquired 151 Campanelli Dr. on behalf of its Fund VII, a recently launched $350-million pool that is pursuing higher-yielding ventures across a wide berth of product types and US markets. NBF will also consider development deals, says Hirsh, explaining that a cash-flowing property such as 151 Campanelli Dr. provides fiscal ballast to the riskier undertakings. That notion is shared by NBF VP Robert Kirschner, who predicts the newest asset “will bring New Boston low risk and stable returns.” The lease with Eastern runs through 2019.

Grubb & Ellis investment sales specialist Anthony Biette says the solid underpinnings of 151 Campanelli Dr. that attracted some 50 inquiries and a dozen final bids go beyond the extended lease, which was originally struck with the Plymouth Institute for Savings prior to that group’s absorption by Eastern. According to Biette, whose Investment Services Group guided the deal through a difficult sales climate, “the property is an excellent example of Campanelli’s tradition of building well-constructed buildings in desirable locations.” First opened in 1989, 151 Campanelli Dr. has had two expansions to grow from 25,000 to 58,000 sf, the first in 1996 and the second in 2003.

Hirsh also praises the physical aspects of 151 Campanelli Dr., describing it as “a prime, high-quality piece of real estate” sporting a flexible floor plan that has been well-maintained under Campanelli’s stewardship. Part of the Campanelli Business Park in Middleborough, 151 Campanelli Dr. sits on a seven-acre site just off Route 28 and near Interstates 190 and 495.

Having closed out its Fund VI, NBF has turned its attention to Fund VII, with 151 Campanelli Dr. representing its fifth investment. Other acquisitions for Fund VII include an office development in Hanover, MD; a mixed-use opportunity in Blacksburg, VA; a pair of class A office buildings and 18 acres of land in Sterling, VA; and the Atlan Tech Tower in Fort Lauderdale, an office building and 2.5 acres of developable land. According to Hirsh, the fund is already doing deals in most major regions in the US, and is eyeing expansion west to Arizona and California.

Beyond the specific property itself, Hirsh says NBF is bullish on southeastern Massachusetts and will consider more investments should they come available. Middleborough is poised for further economic gains going forward even if the proposed casino by a regional Native American tribe does not come to pass, says Hirsh, with tightening vacancy rates and rising rents reflecting the improved environment. “We like the area a lot,” he says.

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