Calare Properties Acquires a Class A Industrial/Flex Portfolio in Newton, MA
September 16, 2021
FRAMINGHAM, MA – Calare Properties (Calare), has completed the acquisition of a well-located industrial/flex portfolio in Newton, offering potential tenants flexible Class A space and corporate branding with prime visibility along the Mass Pike. Comprised of two separate properties at 66 and 77 Rowe Street, which will be fully vacant, the purchase reflects Calare’s strategic focus on value-add investment opportunities within the Greater Boston region.
“While both properties have been meticulously cared for by the long-time tenants, there is a great deal of untapped potential in these sites considering the extraordinary demand for highly accessible and functional space in the region,” said Todd Barclay, SVP at Calare. “This premiere location, just miles from downtown Boston and Cambridge, presents an ideal opportunity for a range of users – from warehouse and manufacturing to high tech, R&D, and pharma/lab.”
66 Rowe Street is a single-story property comprised of more than 26,665 SF of open flexible space, including a 6,000 SF finished office area. Located on a 1-acre site, the property features ample parking and two loading docks with 22-foot clear ceiling heights.
Next door is 77 Rowe Street, a single-story building with 46,570 SF of functional open space that has been used as manufacturing facility and corporate headquarters since 2004. The property is located on a 3-acre site, with 110+ parking spots, and two loading docks.
“The properties, on the edge of the Boston urban core, will not only provide premiere, flexible space for tenants, but also invaluable corporate branding and signage visible to 150,000 vehicles a day on the Mass Pike” noted Albert Manley, VP at Calare.
With this purchase now complete, Calare plans to further enhance these well-maintained properties through a number of capital expenditures. Planned updates include re-surfacing parking areas, the addition of a new roof, HVAC upgrades, general maintenance, and reconfiguration of interior space.
66 and 77 Rowe Street enjoy a prime location in Newton, overlooking the Mass Pike and less than a quarter mile from public transportation. With convenient access to Boston, Cambridge, and other points throughout eastern Massachusetts, Newton stands as a prime live/work destination for industrial and lab users. The Greater Boston region also continues to stand among the strongest industrial and pharma/lab markets in the United States, experiencing exceptional rent growth and limited availability. To learn more about leasing opportunities, contact Albert Manley (Amanley@calare.com) at Calare Properties.
About Calare Properties
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 19 million sq. ft. of properties representing $900 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 firstname.lastname@example.org.
Calare Properties, Inc.