John Reed and Bob Gibson of CB Richard Ellis and Austin Smith of Lincoln Property Corp. assisted in the sale.
The parcel is located on the Massachusetts Turnpike at Exit 3 near Route 91 and features development lots up to 1.1 million sf, with a maximum build-out of 1.4 million sf. It will be Campanelli's ninth business park in the state. Among the firm's other area projects are Campanelli Business Park of Middleborough, Campanelli Business Park of Freetown, Campanelli Commerce Park of Stoughton and Upland Woods in Norwood.
Jeffrey DeMarco, a partner at Campanelli, notes that the company wanted to expand to the western part of the state. He emphasizes that businesses locating to this area have a good labor force to draw from and quick access to the highway to get their product to the marketplace.
"Westfield has always been an attractive area for industrial users," says Reed. He points out that recently, companies such as Lowes, Home Depot and Target have all begun activity in this market. "Now that Campanelli owns this permitted, master-planned industrial park, it brings new alternatives to large distribution users in addition to providing an inventory of smaller development sites for other manufacturing and distribution companies," he adds.
Robert DeMarco says that the company plans on developing the park as it has its other projects, as a build to suit scenario in which it will build and sell or build and lease.
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