|Property:||Acquired at 50% leased, 40 Pepe’s Farm Road in Milford, CT is a single building, 200,000 SF distribution asset located in the densely populated I-95 market.|
|Strategy:||Low basis acquisition of an institutional quality high bay distribution warehouse with significant upside value through lease up.|
Opportunity / Highlights
- 40 Pepe’s Farm Road is an institutional quality distribution asset within one mile of I-95 and two exits north of Bridgeport, CT.
- The building is one of the only modern single story distribution buildings with 28’ clear ceilings in the I-95 corridor.
- The low basis and attractive physical specifications allowed Calare to aggressively market the space to the best tenants in the market with very competitive economics.
- Calare acquired the building at 50% leased in 2014 and sold it 100% leased in 2017.
- The sale produced a 32% net IRR to investors over a 2.5 year hold.