Calare Grabs CT Industrial Property
- Jan 03, 2018
Calare Properties has acquired a 175,000-square-foot warehouse facility in North Haven, Conn. The new owner has also closed a 10-year lease with a supplier of chemical additives and measuring instruments, bringing the building, once again, to full occupancy. According to public records and company filings, Equity Commonwealth previously owned the property, having bought it in 2006 for roughly $11.6 million.
Located on 14 acres at 33 Stiles Lane, the single-story, two-building property was constructed in 1970 and was renovated in 2002. The facility is situated close to Interstate 91, roughly halfway between New York City and Providence, R.I., some 35 miles south of Hartford, Conn. The warehouse features 32-foot ceilings with 18 tailboard docks and three drive-in doors.
“(The property) presents an ideal investment, particularly in light of the growing demand for well-maintained distribution space from users seeking easy access throughout the Northeast. The I-91 corridor is a fantastic distribution and manufacturing location in New England,” said Bill Manley, CEO & CIO of Calare, in prepared remarks. “With a newly finalized lease to the supply company, along with current tenant Millwood Inc., we expect very strong, stable cash flow for our investors.”
The property is located less than five miles from the site of the upcoming Amazon Fulfillment Center in North Haven, which was officially announced in June 2017.
Image courtesy of Calare Properties