Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, announced today that it has sold 40 Pepe’s Farm Road in Milford, Conn. to a large institutional buyer for $13.25 million. Calare originally purchased the 200,000 SF high-bay industrial warehouse property in 2014 at 50 percent occupancy with a strategy for capital improvements designed to drive tenant demand and increase value.
Through extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, Calare helped propel the property to full occupancy securing a 10-year lease for the entire building to a strong credit, global transportation solutions company.
“Calare purchased 40 Pepe’s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors, ” said Bill Manley, CEO and CIO of Calare. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
Located in Southern Connecticut along the I-95 corridor, 40 Pepe’s Farm Road is ideally positioned in an area with a notably low supply of high-bay warehouse space and centralized to distribution channels in the northeast. The property’s location provides easy access to New York City and I-91, along with key regions to the north and south along I-95.
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 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.