Calare Properties (Calare), a private, Massachusetts-based real estate investment firm and operator, announced today that it has acquired 777 North Shore Road, a 32,000 square-foot (sf) building that is 75% open industrial space and 25% flexible office. The property is 100% leased to a national industrial tenant for 10 years with additional extension options.
With the low supply and high demand for urban industrial properties in the Boston area, values have been increasing and vacancy is almost non-existent. Situated off Route 1A, the warehouse is located eight (8) miles from downtown Boston and just six (6) miles from Logan International Airport. This close proximity to Boston’s core hub provides long term occupancy stability and increasing land values.
“777 North Shore Road is a prime industrial property with exceptional value that meets the needs of current and futures tenants”, said Charles Nolfi, Managing Director at Calare. “In this tight market, we are pleased to have capitalized on this rare opportunity in the diminishing industrial urban market.”
The two-story building sits on 9.4 acres of land directly located on Route 1A and includes 23-foot-high ceilings and 10 overhead dock doors. The warehouse makes up 75% of the building space with the remaining 25% dedicated to outfitted office space that was recently fully updated. A large external parking lot is an important amenity to the building and provides acres of additional outside storage and equipment parking.
“There are few industrial locations like this in Boston’s urban core.” commented Todd Barclay, VP of Acquisitions at Calare. “The excessive demolition of industrial product over the past 20 years has created tremendous value in properties like 777 North Shore Drive.” The property is in very good condition and minor capital improvements have been budgeted to enhance the quality of the asset. Calare expects the cash flowing asset to be a long term hold with the value of the land and location increasing over time to support multiple exit strategies.
Steven E. Clancy, Executive Vice President, CBRE represented both the buyer and seller 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 18.5 million square feet of properties representing $850 million in transactions through funds, direct deals and a multi-asset portfolio. Further information is available at www.calare.com.