Campanelli Wins Complex With $10M-Plus Offer

BRAINTREE, MA-Locally based Campanelli Cos. has added a 14th property to its Bay State portfolio with the $10.3-million acquisition of a 160,000-sf, two-building office complex in here.The 350 Granite St. office property, which has been renamed Granite Woods Corporate Center, was acquired from Verizon of New England Inc. for substantially below replacement costs, Campanelli principal Stephen Murphy tells GlobeSt.com. Under the terms of the sale, Verizon will continue to occupy about 25% of the property under a long-term lease agreement.

“It commands an exciting location in the marketplace,” Murphy says of the property, which is located off Route 128 and is adjacent to South Shore Plaza. “For many tenants looking for a well-located, value opportunity, I think this is going to be well received.”

Campanelli Cos. will spend about $18 million to renovate the property, constructing new entry lobbies and common areas, and upgrading landscaping and mechanical systems, Murphy says.