Calare Properties And Hackman Capital Lease Former Evergreen Facility
June 26, 2012
Calare Properties and Hackman Capital are pleased to welcome Saint-Gobain as the first tenant to the state-of-the-art manufacturing facility located at 112 Barnum Road in Devens, Massachusetts. The impressive 448,000 SF former solar panel manufacturing plant, constructed by Evergreen Solar in 2010, was acquired by Calare and Hackman in April 2012 for $8,330,000, a significant discount to its replacement cost and market value.
The French multi-national corporation, which has leased about half of the building, will manufacture a component of light emitting diodes, or LEDs, for one of its divisions, Saint-Gobain Crystals. The company plans to invest $31 million in the facility, hire 90 new employees, and start production next year at this location.
“Thanks to our extensive network, we learned that Saint-Gobain was looking for a premiere property with a modern infrastructure. This building was a perfect fit,” said William Manley, President of Calare Properties. “We are excited to have the facility occupied and operating so soon after its purchase, and to also know that Saint-Gobain will be bringing new jobs to the community.”
“This property offers tenants substantial intrinsic value,” said Michael Hackman. “To replicate the infrastructure would require massive investment.” In addition to world-class industrial accommodations, Hackman continued, the facility offers a coveted New England location. Located 35 miles outside of Boston, this property is situated within the Barnum Business Park, four miles west of Route 495 and two miles north of Route 2.
Calare Properties and Hackman Capital are currently marketing the unique features of the building in order to fill the remaining 200,000 plus square feet.