When a Value-Add Plan Comes Together
|Campanelli acquisitions partner Stephen Murphy (center with Mark Carroll and Jordan Berns) says that a string of sales this year have been fulfilling his value-add strategy launched during the downturn. Starting fall ’09, his team bought 16 office and flex properties (including one distress portfolio) in 14 months, says Stephen. As of September, Campanelli sold eight of the properties, which are in the south and northwest ’burbs at a “significant” profit. (Pardon the shameless plug, but Stephen will be a panelist at Bisnow’s 2nd Annual Capital Markets Summit, Monday, Oct. 29, at the Long Wharf Marriott—register here.)
|While always on the hunt for new investments, Campanelli is overseeing its 3.5M SF portfolio and doing development and construction management of projects like the new 80k SF facility at the South Shore Medical Center that topped out today. But should Stephen find another acquisition target, he says capital market conditions are favorable. While lenders are prudent, he says there’s no shortage of capital and local lenders have been supportive of his strategy. One reason: Boston has knowledge-based, innovative industries that have been growing during the recession and are leasing space.