(To read more on the industrial market, click here.)
NORTON, MA-Less than six months after leasing up a 347,500-sf warehouse and distribution facility here, Campanelli Cos. has sold the fully occupied property for $24.2 million to New York-based CBRE Investors GNLP. Last summer, the Braintree seller leased the entire 192 Mansfield Ave. class A building to Autopart International Inc., a subsidiary of Advance Auto Parts Inc. Autopart International will use the facility for its northeast distribution headquarters.
The acquisition was funded in part through a $17.2-million loan arranged by Sean McKenna, a director at CBRE|Melody's Boston office, through Wachovia Securities.
McKenna tells GlobeSt.com the 10-year, interest-only loan will be used strictly for acquisition purposes and will not cover an office build out, which is being paid for by the tenant.
"The transaction was a homerun for all parties," says McKenna. "The borrower made a savvy long term investment on a newer, first class warehouse building occupied by a New York Stock Exchange-listed tenant who continues to grow stronger. "It was a savvy long-term buy for the buyer, the seller obtained a good price and the tenant has found a northeast distribution center."
Originally constructed in 1999 as a distribution facility for the Polaroid Co. the building, located near the Routes 95 and 495 interchange features 30-foot ceilings, large bays and 30 loading docks.
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