Calare Properties Completes Sale of 40,000 SF Lab Space in Billerica, Mass.
August 1, 2017
Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, announced today that it has sold 749 Middlesex Road in
Billerica, Mass. for $6.2 million, with a lease extension in place to tenant RainDance Technologies, Inc. Calare originally purchased the vacant 40,000
SF suburban lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance to create significant value on day one.
“Considering the ongoing limited availability of high quality lab space in this market and the ideal fundamentals of this property, Calare was confident
in our ability to create value in this investment,” said Bill Manley, CEO and CIO of Calare. “We are pleased to have successfully executed upon our
investment strategy and to deliver this facility to a buyer with a highly regarded tenant in place.”
RainDance Technologies, which occupies the entire facility, is a biotechnology company that has pioneered a proprietary technology that enables research
in areas such as non-invasive liquid biopsy. The company’s genomic tools enable research of new non-invasive applications that should result in more
accurate, reliable, cost-effective, and early detection of cancer and other inherited and infectious diseases.
With features such as open floorplans and high-performance systems, 749 Middlesex presents a prime location for lab tenants. The facility includes lab-quality
upgrades such as HVAC/ventilation systems capable of circulating 100% fresh air, water treatment systems with additional plumbing/drainage systems,
high power capabilities with backup generators, and temperature controlled facilities for testing and storage of sensitive materials.
Located approximately 20 miles north of Boston, 749 Middlesex Road is ideally positioned in an area with a notably low supply of lab space that is experiencing
a growing demand. The facility is in an ideal location for those coming from Boston, as well as Central Massachusetts, with easy access to Route 3,
I-93 and 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
17.5 million square feet of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio. Further information
is available at www.calare.com.