Calare Properties Congratulates CBRE/New England for Winning CBA "2014 Industrial Deal of the Year" Award
April 15, 2015
Prominent Massachusetts real estate investment firm represented by award winning broker team.
Calare Properties (Calare), a private, Massachusetts-based investment firm with a focus on industrial real estate, was recently recognized by the Commercial Brokers Association (CBA) as property owner in the “2014 Industrial Deal of the Year” award. CBRE/New England was selected as the award winner for its role in the 401,316 square-foot (sf) lease transaction to AIS, Inc. at 25 Tucker Drive in Leominster, MA.
CBRE/New England’s Robert Gibson, Steve Clancy, and Rachel Marks were acknowledged for their representation of Calare, while Mark Reardon and Robert McGuire (also of CBRE/New England), were recognized for their representation of AIS, Inc. Calare purchased the vacant 588,000 sf manufacturing and distribution facility for $11,650,000. Immediately after acquiring the facility, the team implemented a $2,000,000 redevelopment program and marketing campaign, positioning the building as a highly-attractive tenant option in the market.
“Although vacant at the time of purchase in 2012, our team was confident that 25 Tucker Drive would become an attractive asset in the marketplace and a valuable addition to our portfolio,” commented Bryan Blake, President and Executive Director, at Calare Properties. “As a result of our proven strategy, we were then able to work alongside the CBRE team to attract premier tenants. We are honored to be part of the “2014 Industrial Deal of the Year” award for the second straight year, and truly value our relationships with our tenants and winning brokers.”
Prior to its relocation to 25 Tucker Drive, AIS, Inc., a leading manufacturer of office furniture systems, occupied over 500,000 sf spread across six separate locations. After receiving approval, AIS, Inc. signed its long-term deal for a total of 401,316 sf with an option to lease the remaining 186,684 sf. As part of its new headquarters, AIS brought over 350 new jobs to the town of Leominster.
Located less than a third of a mile from Route 190, with direct access to I-495 and the Massachusetts Turnpike, 25 Tucker Drive provides an ideal location for an industrial user. Situated on 24 acres of land, the building features 28′ ceiling heights, 11,500 KVA of available power, 43 loading dock doors, and CSX rail service, allowing sidecar loading directly into the distribution area. Notably, the facility offers single-story contiguous manufacturing, distribution, and office space.
CBA award winners are chosen by a Judging Committee made up of the Council and two past Brokers of the Year. Judges closely examine the nominations in each category and decide based on complexity, creativity, uniqueness, size, and overall contribution to the market.