BRAINTREE, MA-Campanelli Cos. formed a joint venture with TriGate Capital and scooped up an eight-property GS Portfolio and a single property from Analog Devices. The portfolio was acquired for $15.8 million, while 30 Perwal St. in Westwood, MA was picked up for $3.8 million. The purchase was assisted with low-levered financing from Eastern Bank along with Cambridge Savings. Campanelli would not disclose the terms of the financing to GlobeSt.com.

Daniel DeMarco, partner at Campanelli, said the joint venture is "just a great match of opportunity real estate capital, and development and repositioning expertise. It really gives us the equity Campanelli needs in today's finance markets to go out and purchase for repositioning." Campanelli traditionally uses capital improvement and lease-up programs on its properties.

The properties in the GS Portfolio are: 700 and 900 Technology Park Dr. in Billerica, MA; 5 and 10 Cornell Pl. in Wilmington, MA; 255, 261 and 265 Ballardvale St. in Wilmington MA; and 9 Townsend Dr. West in Nashua, NH. "These are functional buildings mostly one-story, a couple of two story building, between routes 128 and 495, [excepting the New Hampshire property]," DeMarco explains. "They all have excellent access to highway and they're all in need of a little TLC."