103 KSF Industrial Asset Trades in Greater Boston

Calare Properties has acquired a vacant building in Canton, Mass., and is planning to implement a capital improvements program to bring the asset to market standards. JLL will spearhead leasing efforts.

15-21 University Road, Canton, Mass.
15-21 University Road, Canton, Mass.

Calare Properties has purchased 15-21 University Road, a 103,200-square-foot industrial/flex building in Canton, Mass. The property, acquired in an off-market transaction, was vacant at the time of the sale. Calare Properties has chosen JLL as its leasing broker.

The asset, 15-21 University Road, is situated at the juncture of Route 128 and Interstate 95, surrounded by diverse range of retail, dining and transportation options. Additionally, Boston is 15 miles away. The property occupies 17 acres and features 14 loading docks, six drive-in docks and more than 300 parking spaces and flexible floor plans.

Future plans

The buyer intends to include base building improvements such as new roofs, heating, ventilation and air-conditioning upgrades, repaved parking areas, updated landscaping and cosmetic enhancements to the façade. The firm aims to implement solar technology as well.

“Through a strategic capital improvement program designed to upgrade property systems and infrastructure, we are confident of the opportunity to drive significant capital appreciation,” Bill Manley, CEO & CIO of Calare, said in prepared remarks. 

Image courtesy of Calare Properties