WOBURN, MA – Calare Properties (Calare) has completed the sale of a 58,600 sq. ft. industrial flex portfolio in Woburn. The asset, which includes two buildings at 64 Industrial Parkway and 1 Adele Road, sold to an owner-user.
The property was purchased in 2018 as part of a corporate disposition from a manufacturing firm that was moving its operations to Florida. Calare’s ability to work with the tenant and provide a flexible short-term lease back as it wrapped up its northeast operations was a critical factor in executing the complex deal.
“We knew there was significant value in the asset given its prime Woburn location and low industrial vacancy rates,” said Bill Manley, CEO/CIO of Calare. “We have executed many corporate dispositions over the years and pride ourselves on our ability to work creatively with the owner, in partnership, to meet their business objectives”.
64 Industrial Parkway and 1 Adele Road are on adjacent parcels, totaling 2.9 acres. The buildings include ceiling heights spanning 16- to 28-ft. and open, flexible space ideal for a wide range of industrial users, including warehouse, manufacturing, flex office, tech, service and R&D tenants.
“The older manufacturing facility was in need of significant redevelopment,” noted Tim Collis, Senior Associate and lead Project Manager. “Through a value-driven capital improvement plan, our team was able to successfully reposition this high quality property in one of Greater Boston’s top industrial markets.”
Calare invested over $1 million in capital improvements for 64 Industrial Parkway and 1 Adele Road, with a focus on modernizing both buildings for tenant needs. Improvements included roof replacements, new epoxy flooring, new dock equipment, new heating systems, upgraded lighting, landscape improvements, and facade upgrades.
The property is centrally located in Woburn, just 9 miles north of Boston with convenient access to public transportation and major highways, including I-95/Rte. 128 and I-93. Woburn is located in the premiere Route 128 North sub-market, known as a high-demand destination for industrial users in Greater Boston.
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 $900 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.