A pair of adjacent warehouses in Bellingham totaling nearly 428,000 square feet have sold for a combined $76 million.
The sale, to a limited liability corporation registered to John Hancock Real Estate in Boston, comes at a time of soaring value of such centers as customers increasingly shift their purchases to online retailers needing more square footage in more places to quickly ship goods. The site’s tenants include Amazon, 7-Eleven and the snack maker Snyder’s-Lance.
The two warehouses, off Maple Street and visible from I-495, were built in 2017 on what had been wooded land. One building totals 300,000 square feet and the other 127,500.
Campanelli, a Braintree developer, sold the site in a deal that closed Oct. 1.
[Related: Amazon confirms second Worcester warehouse]
The site is marketed as the Campanelli Business Park of Bellingham, and it sits amid a popular stretch of I-495 for warehouses, along with similar facilities for Garelick Farms, Victory Packaging, Lindenmeyr Munroe, BlueLinx and MattressFirm. The 250,000-square-foot Victory Packaging site was also developed by Campanelli, as were O’Reilly Auto Parts and now-former Gillette warehouses in Devens and a Cultivate cannabis facility in Uxbridge.
A $30-million, 345,000-square-foot distribution facility at 160 Mechanic St. in Bellingham, less than two miles from the Campanelli site, was built starting late in 2019 without any tenants lined up, a sign of how much confidence builders have in landing companies that need the space.
The site at 351 and 353 Maple St., spanning more than 80 acres, was last assessed by the Town of Bellingham at more than $51 million.
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