Calare Sells Three-building Industrial Portfolio to Jumbo Capital Management
May 4, 2017
Transwestern Consulting Group (TCG) announced it brokered the $14 million sale of Norwood Business Center, located at 1400 Providence Highway in Norwood,
Massachusetts, on behalf of Calare Properties, a private Massachusetts-based real estate investment firm and operator. The three-building portfolio,
totaling 155,975 square feet of office, flex and research and development space, was purchased by Jumbo Capital Management.
TCG Partner Chris Skeffington and Vice President Roy Sandeman represented the seller and sourced the buyer, while Vice President Andrew Stone assisted
Jumbo Capital Management in arranging the financing for the purchase with Middlesex Savings Bank. The firm has been retained by new ownership to provide
leasing services for the portfolio. This will be Jumbo Capital Management’s twelfth acquisition in the last year, totaling over $200 million in transactions.
“In just over two years of ownership, Calare has successfully executed on its business plan and has taken Norwood Business Center from 65 percent occupancy
to what is now a stabilized and diversified portfolio at 95 percent leased,” said Sandeman. “Jumbo Capital Management is well-positioned to benefit
from Greater Boston’s thriving flex market, especially in the Route 128 South submarket, where the substantial positive absorption of the past three
years is expected to continue to spur rental rate growth.”
“Calare’s strategic investment in 1400 Providence Highway focused on tactfully expanding the tenant base by offering well priced, highly functional space
that could easily be transformed to meet the needs of a wide range of industries and tenants,” added Bill Manley, CEO and CIO of Calare. “This portfolio
has successfully delivered for our investors and now stands as a prime asset centrally located within a highly desirable industrial flex market.”
Norwood Business Center is located 20 miles south of Boston with convenient access to Interstates 95, 93, and 495. The park is 95 percent occupied to a
roster of more than 10 tenants across a variety of industries, including Advantage Waypoint, Tyco Integrated Security, and PPI Time Zero, which executed
a lease on more than 25,000 square feet earlier this year. Located on the Route 1 “Automile,” nearby amenities include an abundance of retail, restaurants
and hotels, as well as two of Greater Boston’s most vibrant mixed-use developments in Legacy Place in Dedham and University Station in Westwood.
According to research from TCG, the Route 128 South submarket consists of 3.5 million square feet of flex space with 7.4 percent vacancy at the close of
first quarter 2017, down from 29.1 percent in first quarter 2013.
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 17.5 million square feet of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio.
Further information is available at www.calare.com.
ABOUT JUMBO CAPITAL MANAGEMENT, LLC
Jumbo Capital Management, LLC (“Jumbo Capital”) is a privately held, value focused, commercial real estate investment firm located in Quincy, MA.
The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the
“great recession”. Jumbo has since grown to over 30 people with leadership having a combined 80+ years of commercial real estate experience. Jumbo
Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 3 million square
feet of commercial real estate in the Greater Boston area.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher
level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research
and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types.
We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate
investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37
countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates
from the Boston office, follow @TranswesternBOS.