Real Estate Developer Pays $16.3M For Quincy Office Buildings
Braintree real estate company Campanelli has purchased two vacant office buildings in Quincy for $16.3 million.
The 356,000-square-foot Heritage Landing properties, formerly home to State Street Corp., are fully vacant, but the new owner, who purchased the buildings along with Texas-based Trigate Capital, is planning renovations to bring them up-to-date.
Campanelli plans to lease the buildings at 1 and 2 Heritage Drive, but will likely start with Heritage Landing II, as it’s known. The second building will accommodate multiple tenants, whereas Heritage Landing I would be a better fit for a single user, said Danielle Simbliaris, marketing manager for Campanelli. With that in mind, the firm will renovate the second building, creating a new cafeteria, fitness center and lobby.
Heritage I was vacated in June 2011 and Heritage II was vacated early 2010.
Cushman & Wakefield’s capital markets team of Robert Griffin, Edward Maher and Matthew Pullen exclusively represented the buyer and seller. Cushman & Wakefield’s south brokerage team of Michael Frisoli and Matt Morgan will work with the downtown leasing team’s Dave Martel as the exclusive leasing agents for the buildings.
“This was a great opportunity for Campanelli to purchase an asset below replacement cost in a thriving and transforming area,” Cushman & Wakefield’s Robert Griffin said in a statement.
As of the first quarter of 2013, the North Quincy submarket posted a 10.5 percent vacancy rate, 9.3 percent lower than that of the overall Route 128 South submarket, according to the statement.
Source: Banker & Tradesman