Calare Sell 900 Middlesex
October 1, 2012
Calare Properties, Inc., a Massachusetts-based real estate investment manager, announced the completed sale of 900 Middlesex Turnpike, Building 4 in Billerica, MA. The 94,174 SF manufacturing property, purchased last May in a distressed sale for $1,700,000, was sold to a local investment firm for $7,300,000. The transaction closed on Friday, September 28, 2012.
Bill Manley, Calare’s Founder and President, says, “We purchased this particular property, despite its rough façade and interior, because it featured a unique combination of high-quality office, heavy manufacturing/R&D and high-bay (up to 33’6”) distribution space. With our experience and knowledge within the market, we recognized, that with some improvements, 900 Middlesex would be highly desirable to manufacturing companies.” After making the needed capital improvements, Calare received significant leasing interest, which resulted in a 10-year lease starting June 2012 with LaserMax Roll Systems, the world’s largest manufacturer of equipment for digital printers. Brian Poitras, Calare’s Portfolio Manager, stated that “the combination of its low-cost basis and added value driven by the new lease generated significant returns for our investors that surpassed our investment expectations.”