MARLBOROUGH -Calare Properties announced today, July 23, it has completed the sale of South Street Business Park for $14.2 million.
The highly visible 14.5-acre site, at 417 South St., is ideally situated just two miles from I-495 in Marlborough’s bustling commercial district.
The industrial building features 145,600 sq. ft. of multi-use space, which could accommodating warehouse, flex, office, and R&D users.
Current tenants include IEP Technologies, BWT Pharma & Biotech, Mintra, and Metropolitan Warehouse & Delivery.
Calare purchased South Street Business Park in 2011 through a foreclosure sale in shell condition.
The firm’s investment strategy focused on attracting high-quality tenants through attentive site maintenance and proactive investment in build-outs to meet the needs of industrial tenants.
The property, built in 2010, includes flexible floor plates, 20-foot ceilings, 15 loading docks, and over 200 parking spaces with additional land for future expansion.
“Calare recognized the strategic value of this asset as one of the few newly built industrial properties in the market at that time, and we’re pleased with the returns we are able to deliver our investors over the hold period,” said Todd Barclay, VP of Acquisitions at Calare. “With a diverse tenant roster and unique position among the newer industrial properties in the market, we are confident the new owners will continue to see value in this property.”
South Street Business Park is located in the I-495 Mass Pike West industrial market, a thriving and highly competitive market in Greater Boston.
As of the fourth quarter of 2018, the market experienced positive leasing absorption with a low vacancy rate at 3.7 percent.
Asking rents in the market average $8.23 NNN.
The CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Tony Hayes, and Dan Hines represented Calare in the transaction.
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 17.5 million sq. ft. of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio.
Photo submitted to SOURCE media by Calare Properties.