Calare Properties Expands Footprint with New Jersey Acquisition
February 26, 2024
FRAMINGHAM, MA – Calare Properties (Calare) has expanded its footprint into New Jersey with the acquisition of an industrial commercial condominium at 3 Nami Lane in Hamilton Township. The purchase of the 25,750 sq. ft. space extends the reach of the company’s portfolio into the Tri-State market, with strategic positioning between the New York City and Philadelphia metro regions.
The asset at 3 Nami Lane comprises more than half of the 46,000 sq. ft. industrial/flex facility and features a mix of open space, offices, and clean rooms designed to support the development and production of high-performance technology products. The space has been fully leased to a long-term Calare tenant based in Massachusetts that designs and manufactures semiconductor products for the telecommunications, industrial and defense, and data center sectors. The tenant plans on investing capital in the building to modernize the facility and support future product growth.
The deal was structured as a sale leaseback transaction, allowing the tenant to maintain operations at a facility in which a recent acquisition had owned and operated over the last 25 years. This arrangement also enabled the tenant to capitalize on the value of the real estate asset while, at the same time, embedding a trusted real estate owner/operator to manage and maintain the property on their behalf as a tenant.
“This acquisition reflects the care and support we provide our tenants and we’re pleased that our long-term tenant has entrusted us to expand our work together into a new market,” said Sam Joseph of Calare. “Our sale leaseback program helps companies unlock the value in their property with the added peace of mind of having an owner in place that is dedicated to building long-term value in the space.”
3 Nami Lane is located on a 3-acre property within in a central area offering easy access to major highways, including Interstates 95, 195, and 295. The well-maintained single-story building features 20-foot ceilings, ample parking, flexible floor plates, and modern systems built to support a wide range of uses including R&D, technology, light manufacturing, lab, and office.
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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 $1 billion 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 cnolfi@calare.com.
MEDIA CONTACT
Meghan Segien
Calare Properties
msegien@calare.com
978-307-0303