CHELMSFORD, MA – As part of its continued investment strategy, Calare Properties (Calare) has completed the sale of 19-21 Alpha Rd, a two-building flex portfolio in Chelmsford. The fully occupied property, spanning 127,000 sq. ft., was sold for $15,750,000.
Calare purchased the property in 2016 at 50 percent leased with a value-add investment strategy focused on implementing capital improvements and enhancing property management. By integrating updates such as a new roof, solar panels and expanded parking facilities, the team was able to swiftly lead the property to full occupancy.
“We are incredibly pleased with the outcome at 19-21 Alpha Rd., where our investment strategy was executed seamlessly and successfully per our target three-year plan,” said Charles Nolfi, Managing Director at Calare. “Property improvements have attracted premier tenants and generated long-term value for this previously underserved property.”
Current tenants at 19-21 Alpha Road include Endeavor Robotics, Thermo Fisher Scientific, NRG Energy and Krueger Food Laboratories. The single-story portfolio, located on nearly 12 acres, offers flexible floorplates and 14-foot ceilings with the ability to accommodate a variety of tenants, including office, warehouse, lab and R&D users.
Dave Pergola, Brian Doherty and Pete Rogers of Cushman & Wakefield represented Calare in this transaction.
Located in a well maintained business park, 19-21 Alpha Rd. is easily accessible at I-495 and Route 3. The thriving submarket, distinctive for providing an ideal location with direct routes to Boston, Worcester and Nashua, New Hampshire, has experienced consistent competitive leasing activity with low vacancy rates for industrial space.
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 sq. ft. of properties representing $850 million 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 firstname.lastname@example.org.