Martignetti Grabs 115 Acres for New Regional HQs in Taunton
- May 05, 2015
One of the largest and oldest alcohol distributors in the country is looking to consolidate its operations by moving into a new regional headquarters and distribution center building south of Boston.
According to NAI Hunneman, a Boston-based provider of commercial real estate services, Martignetti Cos. acquired 115 acres at the Myles Standish Industrial Park in Taunton in a transaction valued at $11.5 million. NAI Hunneman represented the Taunton Development/MassDevelopment Corporation in the sale, while CBRE spoke for the buyer.
Martignetti, which started as a family-owned grocery store in Boston’s North End in 1908, will invest $100 million in the new regional headquarters. This will consolidate the company’s two separate facilities: the 450,000-square-foot office building at 175 Campanelli Drive in Braintree, and the 350,000-square-foot facility at 975 University Ave. in Norwood.
With the official groundbreaking set for next month, Martignetti’s new 680,000-square-foot home will house approximately 800 employees who will relocate from the two existing offices, a move that is expected to boost the area’s job market. The project is due for completion in spring 2016, coinciding with the completion of Dever Drive, an access road to the business park.
The Herald News reported that Martignetti was lured to the industrial park in Taunton thanks to tax increment financing agreement (TIF) that will save the company $5.1 million in property taxes over the next 20 years. Additionally, Martignetti’s investment is expected to yield another $6.3 million in taxes for the city.
Image via Martignetti