Campanelli/TriGate Team Up To Buy Pair of Hudson, NH Bldgs.
A joint venture of Campanelli and Dallas-based TriGate Capital acquired a pair of flex buildings in Hudson, N.H., with a combined value of $6.1 million. The transaction involved both a sale-leaseback and a new lease at 267 Lowell Road and an outright purchase of a smaller 31,000-square-foot flex building at 26 Hampshire Dr.
Vectron International hired the Cushman & Wakefield of New Hampshire team of Thomas Farrelly, Denis Dancoes and Sue Ann Johnson to market the available space in the building for lease, and arrange a sale-leaseback on its behalf to investors.
The building includes several high quality clean rooms, high electrical power and specialized process water piping. Another local firm, Mercury Computer Systems, represented by James Lipscomb and John Wilson of Richards Barry Joyce & Partners, agreed to lease space in the building, but required certain upgrades and modifications to meet its space requirements.
At that point Campanelli and TriGate, which had partnered on previous real estate investments, agreed to buy the building and make the modifications Mercury needed. Campanelli’s in-house construction and design affiliate, Campanelli Construction, will build out both tenant spaces and construct a new façade and entrance at 267 Lowell Rd.
Vectron’s leaseback and the new Mercury lease brought the building’s occupancy to more than 75%. The simultaneous lease transactions were also contingent on Campanelli and TriGate agreeing to buy Mercury’s building at 26 Hampshire Dr. The C&W NH team has been retained as the listing broker for the vacant space at 267 Lowell Road, which has 28,000 square feet available for lease.
Source: CoStar Research