Property: Acquired in 2017, 425 Meadow Street is a 552,000 SF industrial property on 47 acres in Chicopee, MA.
- Acquisition Price – $6,000,000 – January 2017
- Total Project Cost – $13,200,000
Strategy: Acquire Callaway Golf ball manufacturing facility with long lease in place and a Class A high bay warehouse in need of lease up.
- 100% leased within the first year of ownership through growing tenant relationships and strategic negotiations- Callaway Golf expanded their 11 year lease to 402,000 SF
- The high bay warehouse space is in excellent condition and a top asset in the market attracting two quality tenants to long-term lease agreements – MGM Grand and Granite City Electric
- Calare has in depth knowledge of the property and a strong relationship with the anchor tenant as a result of managing the property for 3 years in a joint venture prior to acquiring it 100% in 2017
- The property is strategically located near four interstate highways (I-391, I-90, I-91 and I-291) which provides excellent access to Boston, Hartford, New York and Providence