25 Tucker Drive, Leominster, MA

Investment Summary

Property:  Acquired vacant in a joint venture, 25 Tucker Drive in Leominster, MA is a single building, 588,000 sf of contiguous manufacturing, distribution and office space on 24 acres.
  • Acquisition Price – $11,700,000 ($20 psf) – December
  • 2013 Total Project Cost – $13,700,000 ($23 psf)
Strategy:  Low basis acquisition of institutional quality, high bay distribution warehouse with significant upside through lease up.

Opportunity / Highlights

  • Located in the center of New England, the quality asset provides one of the largest blocks of high bay distribution and manufacturing space in Massachusetts.
  • The property has 28’ ceiling heights, 43 dock doors and CSX rail service to the building providing direct loading into the distribution area.
  • Calare executed a $2M redevelopment program and within 12 months signed a national manufacture to a long term lease for 400,000 sf (70%).
  • The tenant was paying operating costs for the entire building to maintain an option for the remaining space and exercised that option in June for the entire building for 9 years.