Campanelli announces the recent sale of the final 64-acre parcel of the Business Park of Uxbridge (CBPoU) in Uxbridge, Massachusetts.The property sold to investment funds managed by Morgan Stanley Real Estate Investing (“MSREI”) on October 7, 2021.This sale marks the completion of CBPoU, which includes over 2 million square feet of commercial development.The business park is located on 276 acres of land along the east and west sides of Route 146 at the Route 16 interchange, linking Worcester, Massachusettsto Providence, Rhode Island, with immediate highway access.
Campanelli will serve as developer and design builder for this project and will construct a 450,800-square-foot spec warehouse with 108 loading dock positions and above market trailer storage. MSREI has immediate plans to market the opportunity with Newmark’s Boston industrial team led by Tony Coskren, Brian Pinch, Rick Schuhwerk and Ed Jarosz. This final project in the CBPoU is expected to be completed in late fall of 2022.
CBPoUis Campanelli’s 15th completed business park in Massachusetts.Campanelli purchased the land for the park in the summer of 2018, and shortly after finalized their first transaction with Medline Industries to develop an 800,000-square-foot warehouse and distribution facility. The Medline project featured tilt-up construction with 130 loading docks and 210 trailer storage spaces. Campanelli secured their second transaction with Cultivate in August 2019. During that time, Campanelli constructed the first phase for Cultivate, consisting of a 74,000-square-foot agricultural building featuring office space, greenhouses and a processing facility. Early this spring, Campanelli closed on their third deal in the park with a major e-commerce company for a 517,000-square-foot facility that is currently under construction.
“The Greater Boston industrial market is in need of more Class A supply to meet the overwhelming demand. The permitting process and raw material shortage have caused major delays in many of the other planned developments in this market; however, the site work at CBPoU is already underway, positioning it to be the first large scale development to deliver in 2022. The Route 146 corridor is one of the most sought-after markets in Massachusetts due to its unparalleled access to New England’s three largest cities: Boston, Worcester and Providence and we expect this facility to be very well received in the marketplace,” said Brian Pinch, Managing Director at Newmark.
The development team at Campanelli purchased the land along the Route 146 corridor in Uxbridge, MA at the right time. According to Campanelli Partner, Rob DeMarco, “Clearly the industrial market fundamentals were ripe for a park of this size in the Blackstone Valley, but without the local support and cooperation from the town and the regional support at the state level we would not have accomplished this milestone.”
About Campanelli
Established in 1947, Campanelli is a third generation, full-service commercial real estate development and acquisition company with extensive experience in the industrial, office, medical office, warehouse/distribution, retail, educational, cold storage, and multi-family markets. Campanelli began building homes during WWII and transitioned from residential to commercial real estate in the 1960’s. The team, known for their seamless ability to work with their clients and act as the “real estate division” of a company, has developed 15 business parks in Massachusetts, over 25 million square feet across the nation and provided international development consulting and site selection services. The company’s signature capabilities include land development, design and build, redevelopment and value-added acquisitions. It is Campanelli’s all-encompassing and quality services that have led to its successful track record as a highly regarded developer; from site selection, feasibility analysis, local, state and federal permitting, to architectural and engineering design, building construction and facilities and property management. For more information, visit our new website at campanelli.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
