JV Nets Nine Buildings for 572,950 SF

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.