ACTON — Marking three years of ownership as of this week, Campanell and TriGate Capital can look back on steady progress made repositioning the 84,000-sf office property at 289 Great Rd., the latest example occurring in a new commitment for nearly 12,000 sf by New England Center for Mental Health. Avison Young and Campanelli Senior Director of Asset Management Mark Carroll worked to sign the group to a 10-year deal, bringing the amount leased under the partnership’s stewardship to more than 40,000 sf. “This lease with New England Center for Mental Health has been a crowning achievement in the redevelopment and lease-up at Strawberry Hill,” Carroll says in a statement celebrating the pact which leaves just four available spaces remaining ranging from 1,210- to 7,700 sf. Avison Young’s team comprised of principal Jack Kerrigan, Vice President Bill Sullivan, Associate Chris Adams and Senior Account Manager Anne Flanagan of the firm’s Boston office represented the landlord. Upon paying $2.83 million—under $34 per sf—the last week of January 2014 to buy Strawberry Hill Corporate Center and backed by $16.1 million from Blue Hills Bank, the hands-on, vertically integrated Campanelli contingent moved quickly to revitalize a property in a submarket hit hard by the 2008 recession, with the low basis enabling the firm to incorporate high-end materials and a state-of-the-art energy management system plus amenities such as a stocked fitness center, upgraded interiors and special vending area sponsored by LeanBox, a popular concept taking hold in suburban Boston office venues with a focus on healthy items. “The combination of modernized common area amenities and Campanelli’s turnkey, full-service platform has proven to be a successful strategy in attracting new tenants to the building,” Carroll says of a property that will welcome NECMH this spring from its current home at 119 Russell St. in Littleton, a move necessitated by recent growth for the practice. “Strawberry Hill Corporate Center offers the perfect setting for New England Center for Mental Health,” Kerrigan says regarding the agreement, pointing out close proximity to the tenant’s current operations, a site “easily accessible” from Routes 2 and 27, and he adds those traveling there will find Strawberry Hill Corporate Center “offers excellent parking access for both staff and patients,” enough capacity for 3.6 spaces per 1,000 sf leased. When they arrive, visitors are greeted by a new front entrance and upgraded landscaping, parking lots and exterior lighting. Details regarding the latest lease were not divulged. Based in Braintree, Campanelli in 2017 is marking 70 years in business with extensive experience across three generations in construction, management and ownership of various CRE product types including industrial, multifamily, office and retail. They have partnered with TriGate Capital on a number of value-add investments since the recession with a string of successful results.
- The Real Reporter