Campanelli, a full-service commercial real estate development, acquisitions and construction management firm, together with Clarion Partners, a leading U.S. real estate investment manager, announced today the groundbreaking of The Campanelli Business Park of Bellingham, a Class A, two-building, 427,500 square foot, speculative industrial project located in Bellingham, Massachusetts.
In early September, the two companies formed a joint venture to develop The Campanelli Business Park of Bellingham, Campanelli’s 14th business park, which will reside on 90 acres of land along Interstate 495. The land was purchased by the Venture from Welltower, an Ohio-based Healthcare REIT. Andrew Sacher of AIS CRE represented the seller. The JLL Industrial team of Richard Schuhwerk and Edward Jarosz has been retained as exclusive leasing agent for the speculative industrial project.
“Campanelli is proud to have formed this joint venture partnership with Clarion Partners,” said Robert DeMarco, Partner at Campanelli. “Clarion’s expertise is clearly evident given the depth of their presence in the market and impressive track record as industrial portfolio operators. This project in Bellingham gave us the perfect opportunity to join forces, and we are thrilled to embark on this venture together.”
Directly abutting Interstate 495 with visibility from the highway, the Business Park is positioned in what is considered to be a rapidly growing “outer belt” of Metro Boston. With easy highway access and direct routes to the cities of Boston and Providence, Bellingham is an ideal spot for distribution.
“The Business Park of Bellingham is perfectly positioned to capture the increasing tenant demand being driven by the rise in e-commerce activity,” stated JLL’s Ed Jarosz. “The development offers outstanding highway access and visibility via Interstate 495, paired with state-of-the-art design features ideally suited to meet the requirements of today’s modern industrial user. These will be the best two Industrial facilities in the market when completed.”
Led by Campanelli’s in-house construction group Campanelli Construction, ground breaking will commence immediately on two separate buildings; Building I is designed as 127,500 SF and Building II will be 300,000 SF. These new, best-in-class warehouse buildings will offer prospective tenants a unique opportunity to occupy a brand new, state-of-the-art industrial building in the 495 South market. The warehouses, to be built simultaneously, will be complete in August, 2018.
Campanelli has successfully developed 13 business parks throughout Massachusetts, including the Campanelli Business Parks of Middleborough, Freetown, Stoughton, Brockton, Westfield and Braintree, as well as Upland Woods in Norwood and Weymouth Woods Corporate and Medical Centers in Weymouth.