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Intercontinental Acquires Two Warehouses for $46M

DEVENS, MA-The Campanelli Cos. sells two warehouse facilities within the Devens Industrial Park to Intercontinental Real Estate for $45.5 million. The buildings, which total 735,000 sf, are fully leased to Gillette.

By Naomi Grossman | Updated on March 01, 2004

DEVENS, MA-The Campanelli Cos. sold two warehouse facilities to Intercontinental Real Estate for $45.5 million. The deal is one of the largest industrial sales in the area in recent years. Trammell Crow Co.’s Boston Investment Services Group handled the transaction which involved two modern warehouse buildings within the Devens Industrial Park. The facilities at 18 Independence Dr. and 66 Saratoga Blvd. and total 735,000 sf.

The properties were constructed by Campanelli, a Braintree, MA-based real estate development and investment firm, in 1997 and fully leased to the Boston-based Gillette Co. for use as its North American packaging facility and Eastern distribution center. An adjacent parcel, also leased to Gillette, was included in the transaction.

Intercontinental, a Boston-based investment advisor and developer, purchased the assets for its third investment fund, IREIF III, a $350-million equity fund. “Modern, well-located warehouse buildings with a tenant such as Gillette are very rare,” says Paul L. Palandjian, president of Intercontinental. “This purchase fits well with our fund’s objective of assembling a $1-billion portfolio of high-quality properties with dependable income.”

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