700 Technology Drive
Braintree, MA – Campanelli announced it has sold 700 and 900 Technology Park Drive in Billerica to Grander Capital Partners (GCP). for $7.1 million.
The two buildings, totaling 87,000sf situated in a mature park setting are directly off Route 3, within six miles of both Interstate 495 and Route 128. The Transwestern I RBJ Capital Markets group of Chris Skeffington and Roy Sandeman represented both the buyer and seller in collaboration with the firm’s leasing team of Brian McKenzie, John Wilson and James Lipscomb.
Renovation of the two Billerica properties included refurbishing the lobbies, new ceilings, new floors, new lighting in common areas and significant upgrades to the fitness center. Additional improvements were also made to the parking lots, HVAC efficiency and landscaping.
The buildings are located in a prestigious office park home to well-known companies such as Avaya, GE, Luminus Devices, Inc. and Raytheon. The park also features a full-service cafeteria serving breakfast and lunch, a daycare and a hotel.
-more-
“We continue to seek value-add opportunities throughout New England where we employ our strategy of purchasing properties at a low basis and then stabilizing the asset through an extensive capital improvement campaign,” stated Campanelli Partner and Principal of Acquisitions, Steve Murphy.
Campanelli’s value-add strategy has proven successful, accomplishing over 52,000 square feet of leasing at 700 and 900 Technology Park Drive since purchase in September 2010.The additional improvements helped secure tenant interest including an expansion and lease extension by NextWorth Solutions from 5,600sf at 700Technology Park Drive to 10,500sf at 900 Technology Park Drive.
“Campanelli made substantial improvements to the buildings since prior ownership and delivered it to us at a price that left a lot of room for GCP to add value though additional leasing, among other factors. The leasing momentum created by the Campanelli/Transwestern I RBJ effort has continued as evidenced by the tenant interest we saw in the building only a week after closing,” stated Ted Norberg, co-founder of Grander Capital Partners.
This is the third deal closed in Greater Boston by Grander Capital Partners in 2013. Grander looks forward to continuing the expansion of their portfolio of well located, opportunistic assets in the New England and Mid-Atlantic regions.
