Property: Norwood Business Center at 1400 Providence Highway is a three-building, 155,912 SF Class B flex/office portfolio located 15 miles southwest of Boston in Norwood, MA.
- Acquisition Price – $9,100,000
- Total Project Cost – $12,000,000
Strategy: Value-add opportunity with current income and upside potential through lease up in a prime location.
Opportunity / Highlights
- Well-located property 15 miles southwest of Boston near the interchange of I-95 and Route 1 with close proximity to restaurants, hotels, childcare centers, workout facilities, and retail
- Class B asset in an improving sub-market of Boston with an estimated total project cost well below replacement cost
- Well-positioned portfolio to accommodate a wide variety of warehouse, light industrial, manufacturing, office, and lab tenants
- With 155,912 SF of highly functional space, Calare was successful in executing its business plan to implement capital improvements and increase occupancy from 65% to 95% over a 2.5 year hold