CANTON, MA – Calare Properties (Calare) has leased 53,500 sq. ft. at 15-21 University Road in Canton to Prodrive Technologies. The Netherlands-based technology research, product development, and manufacturing company will relocate its U.S. headquarters to the property, located at the juncture of Route 128 and I-95.
Calare purchased the 107,600 sq. ft. industrial/flex building in October 2017 in an off-market transaction. This lease follows an extensive capital upgrade program, which has involved the addition of new parking lots, updated roofs, interior renovations, upgraded mechanical systems, new landscaping and external cosmetic enhancements. The well-maintained property also features 14 loading docks, six drive-in docks, over 300 parking spaces and flexible floor plans.
“By implementing this strategically focused redevelopment effort, our team has been able to realize the true potential of this well-positioned asset,” said Bill Manley, CEO at Calare. “With upgrades nearly complete, we’ve experienced robust leasing interest for the remaining space from potential tenants in the tech and pharmaceutical sectors.”
Prodrive has committed to a 10.5-year lease with plans for a September 2019 move following the build-out of its space. The company will implement additional improvements to support its research and development, manufacturing and distribution needs. Steve Clancy of CBRE brokered the deal on behalf of Prodrive. Tony Coskren of Newmark Knight Frank represents Calare.
Founded in 1993, Prodrive is recognized as one of the fastest-growing technology companies in Europe. The firm is a global provider of world-class technical products, systems and solutions, offering electronics manufacturing, mechanics manufacturing and system integration services.
“We are very excited to welcome Prodrive to University Road as our long term, anchor tenant,” said Todd Barclay, VP of Acquisitions. “The property was redeveloped to provide tenants flexibility to support their business needs across manufacturing, distribution and operations in a prime Route 128 location.”
Situated on 17 acres, 15-21 University Road offers an ideal location within the Route 128 South submarket, the second-largest industrial submarket in the Greater Boston Area. The property offers direct access to Amtrak and the MBTA Commuter Rail, as well as Interstates 95 and 93. The property is also less than a mile from Westwood’s University Station, a 2 million sq. ft. mixed-use development featuring a variety of retail, dining and hospitality options.
About Calare Properties
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, lab 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 18.5 million sq. ft. of properties representing $850 million in transactions through funds, direct deals and a multi-asset portfolio. Further information is available on our website www.calare.com or email us at email@example.com.