"IDEX Health & Science solicited proposals from several master-planned industrial parks in Southeastern Massachusetts," says Steven Clancy, partner at CB Richard Ellis. "It was an incredibly competitive process, but Campanelli Companies was able to offer the best combination of price and development services."
"I believe that the reason that [Campanelli] was able to successfully bring [IDEX] to the Campanelli Business Park in Middleboro, was because of the full-service design build option that Campanelli brings to the table," Jeffrey DeMarco, partner at Campanelli Co., tells GlobeSt.com. "This was a bit of a classic case of a company--it's a manufacturing company--they make their product and the entire time we designed this building and negotiated a lease with them and now, as we build it, they were able to focus on what they do best, and that is build their product."
This BTS will consolidate two of IDEX's current facilities into one space, which will include clean rooms, office space, a manufacturing area, café and a fitness facility. The company also has the option of expanding its space, eventually up to 100,000 square feet.
An incentive for IDEX was the tax increment financing program from the town. DeMarco points out that the town strongly endorsed the idea of IDEX coming to Middleboro by granting the TIF.
"In a town like Middleboro, [a TIF] is a discount on the real estate taxes that the company gets if they bring jobs to the community," DeMarco tells GlobeSt.com. "And the only entity in a town that can approve of such a deal is a town meeting vote. In a city it would be city council, different groups work different ways." The people of Middleboro were instrumental in bringing IDEX to town, he points out.
The construction is estimated at $7 million and will have "conventional finance" from Citizen's bank, according to DeMarco. The 220-acre Business Park is just shy of 100%-leased and will have nine buildings when IDEX's facility tops out at the end of the year.
Steven Clancy and Christopher Tosti of CBRE represented IDEX in the deal, while Campanelli repped itself.
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