BOSTON— Newmark Knight Frank (NKF) announced the completion of the sale of 161 Worcester Road & 492 Old Connecticut Path in Framingham, MA to Campanelli in a joint venture with TriGate Capital.
ViceChairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the two office/retail assets in conjunction with NKF Executive Managing Directors Michael Frisoli and J.R. McDonald and Senior Managing Director Tyler McGrail, who have been retained as the exclusive leasing agents for the properties.
161 Worcester Road comprises a 118,713-square-foot office building that is presently 85 percent leased and an adjacent 7,200-square-foot retail building that is fully occupied by Temazcal Tequila Cantina. 492 Old Connecticut Path comprises a 166,101-square-foot office building that is presently 94 percent leased.
“161 Worcester Road & 492 Old Connecticut Path benefit from strategic positioning in a dynamic mixed-use environment with direct access to the highway,” said Pullen. “The assets therefore serve as an attractive alternative to the nearby Route 128 West submarket, where rental rates are growing rapidly.”
The area surrounding 161 Worcester Road & 492 Old Connecticut Path is home to a wealth of hotels and blue-chip employers – including Bose, MathWorks, MEDITECH, Staples and TJX – as well as the Natick Mall, which anchors Greater Boston’s most densely populated suburban retail concentration, and Framingham State University.
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 and cold storage markets. Campanelli has developed 14 business parks in Massachusetts and over 22 million square feet across the nation and provided international development consulting and site selection services.
TriGate is a Dallas, Texas-based real estate investment manager focused on the recapitalization and repositioning of commercial real estate assets and companies. TriGate brings intellectual capital, financial sophistication and operating capability to middle market real estate investments. TriGate manages its business predominantly through fully discretionary funds which it believes provide a competitive advantage in the execution of its business given the need to move quickly and with certainty. TriGate’s team has been responsible for acquiring over $11 billion of real estate assets through multiple types of transaction structures including real estate ownership, the acquisition of sub-performing and non-performing loans, investments in operating companies and equity investments to recapitalize real estate partnerships.