NAI Hunneman brokered the $11.5 million sale of 115 acres at Taunton’s Myles Standish Industrial Park, where Martignetti Companies, New England’s leading distributor of fine wines and spirits, will build a new $100-million, state-of-the-art, 680,000-square-foot first class office headquarters and distribution center.
The company, now in the third generation of ownership by the Martignetti family, has grown from humble beginnings in Boston’s North End. “Martignetti has transformed from a family-owned grocery business to the leading distributor of wines and spirits in New England, and we’re pleased to welcome the company to Taunton for its next chapter of growth,” said MassDevelopment President and CEO Marty Jones.
This Taunton site will consolidate the company’s Norwood and Braintree facilities and can be expanded to a total of 1.3 million square feet. The new headquarters will feature the industry’s most advanced materials handling systems and technologies.
This deal marks a milestone for Myles Standish Industrial Park and Martignetti Companies. “We are very pleased to be relocating our distribution and headquarters facilities to Taunton and to begin a new chapter in our company’s 100-year history. The Myles Standish Industrial Park is a premier regional location that will support our continued growth. We have appreciated the support and cooperation we have received from the City of Taunton, MassDevelopment and state officials in working together on this exciting project,” said Carl Martignetti, President, Martignetti Companies.
Executive Vice President/Principal Cathy Minnerly represented the seller, The Taunton Development/MassDevelopment Corporation, in the deal. Minnerly has represented Myles Standish Industrial Park since 1996, where she has overseen over 800 acres of development shape the park for industrial, office and flex tenants and now the final phase of 40 acres of Myles Standish Business Park geared towards bio and flex users.
With the shortage of shovel-ready commercial sites in Massachusetts, Taunton presents a great opportunity for companies looking for growth in a gateway city. Class A space like the Myles Standish Industrial Park is increasingly valuable since it can be so hard to find, as Minnerly notes in her most recent post on the industrial market. In its move to Taunton, Martignetti Companies will bring more than eight hundred employees to the park and help bolster the area’s strong economic development while setting the stage for future job growth.
Executive Vice President/Partner Steve Clancy of CBRE represented Martignetti Companies. The project is due for completion in spring 2016, which will coincide with the completion of Dever Drive, the final infrastructure project in the park that will open up the business park.
Molly Kalan, InkHouse
Kelsey Abbruzzese, MassDevelopment
617-330-2086 & 617-448-9077 (cell)
Dean Crandall, Martignetti Companies