Boston, MA (PressExposure) October 23, 2009 -- Amid a sagging real estate market and a national slump in new construction, Braintree, Mass.-based full-service commercial real estate and construction firm Campanelli Companies today reported the sale of a fully permitted 71.67-acre site in Westfield, MA to The Home Depot U.S.A. Inc. for $5,769,435. The deal includes a fully executed Tax Increment Financing (TIF) agreement related to the construction of approximately 650,000 square feet of commercial space in The Campanelli Business Park of Westfield.
"This major win for Westfield and Western Massachusetts is a testament to the experience, knowledge and professionalism of Campanelli Companies," said Kevin Jennings, principal of Jennings Real Estate Services. "Putting together a project in Western Massachusetts in the present economic environment was an incredibly challenging process, but Campanelli Companies was able to construct the necessary infrastructure and position the property as one of the premier shovel-ready industrial parks in New England." Jennings represented The Campanelli Business Park of Westfield in the transaction.
According to the Tax Increment Financing Agreement (TIF), once constructed, the new facility will be utilized as Home Depot's northeast rapid distribution center and will initially employ 128 people and increase its workforce by 172 workers before July of 2019. As a fully permitted design/build opportunity with a TIF agreement in place, Home Depot's new facility will take advantage of the site's location on the Massachusetts Turnpike and its immediate access to the Route 91 corridor. The close proximity to the interstate highway system is ideal for regional distribution to the central New England region.
"For Home Depot to choose Westfield for their distribution facility meant going head-to-head with other states and other sites at every possible level: cost, speed, site layout, location, and tax incentives," said Robert DeMarco, partner at Campanelli Companies. "Campanelli's ability to provide a fully detailed proposal - including thorough design and cost estimation - ensured that we could accurately represent the cost and speed at which the building could be constructed in The Campanelli Business Park of Westfield."
"It was clear from our first meetings that Campanelli's professional approach to business development would result in a success story for Westfield. It is this sort of industrial development that we are very strongly promoting and what the city of Westfield so desperately needs in terms of jobs and economic growth and stability," said Westfield Mayor Michael R. Boulanger. "We look forward to continued success in Westfield , and as we identify more available land suitable for business and industrial growth, I hope Campanelli will consider further participation and partner with us in our pursuit to expand our business and industrial base."
The Campanelli Business Park of Westfield is a 130-acre planned business park originally purchased by Campanelli Companies in 2004. Over the past five (5) years Campanelli has worked with Westfield officials and other local municipalities to ensure appropriate investment in roads and infrastructure, prompt permitting of the property and an assertive marketing effort to position the park as the optimal solution to many large, high-quality tenants such as Home Depot and Preferred Freezer.
"This agreement was made possible because of the dedication and perseverance of officials in Westfield and the region who created value in the project through an efficient and cooperative permitting process," said Jeffrey DeMarco, partner at Campanelli Companies. "It is encouraging when communities and state leaders consider the needs of the business community and collaborate on the permitting of a project of this magnitude. By doing so, they demonstrate the ability to get projects approved in an expeditious manner."