Calare And Hackman Acquire Former Evergreen Solar Plant

April 27, 2012

Earlier this month, Calare Properties, Inc., a Massachusetts-based real estate investment manager, announced its acquisition of the former Evergreen Solar manufacturing facility at 112 Barnum Road in Devens, Massachusetts in a joint venture with Hackman Capital Partners.

This 448,000 SF, state-of-the-art manufacturing building situated on 25 acres of land was completed in 2010 for $196,000,000. The property was acquired at a significant discount to its replacement cost and market value due to the complexity of the bankruptcy, real estate, and equipment issues.

Bill Manley, Calare’s Founder and President, says “This was a complex deal that took several months of negotiations. Acquiring this rare, state-of-the art manufacturing property at a low cost basis will likely generate significant returns for our investors.”

The Evergreen facility is a compelling acquisition due to its strategic location and marketable features. Unmatched in New England for its design, quality, and infrastructure magnitude, the property is in close proximity to major New England destinations such as Worcester County, Boston, and Hartford.