Calare Properties Buys Warehouse, Secures Medical Marijuana Lease
- Jul 20, 2017
Calare Properties purchased 234 Taylor St. in Littleton, Mass. The new owner secured a 10-year absolute net lease with Premier Health Group LLC for the 36,000-square-foot warehouse. The tenant will also manage the industrial facility, which was previously occupied by VJ Electronix.
The one-story warehouse features 24-foot ceilings with eight tailboard docks and one drive-in door. The property is situated on a 6.3-acre lot that includes ample parking. It is also just off Interstate 495 and Mass Pike (I-90), in Middlesex County. The I-495/Route 2 West submarket has a high demand for industrial assets, with a vacancy rate of 7.3 percent.
Planned cultivation facility
Premier Health Group LLC, affiliate of Sanctuary Medicinals Inc., is a non-profit focused on providing organic medicinal marijuana, service and education to qualified patients. Premier announced the asset will undergo capital improvements meant to support the establishment of a cultivation facility for medical marijuana.
Last year, Sanctuary Medicinals Inc. obtained the support of Littleton’s Board of Selectmen to open the cultivation site at 234 Taylor St. According to Lowell Sun, the organization agreed to pay the town $50,000 per year in the first two years of the site’s activity, $75,000 per year in the next two years and $100,000 each year thereafter. The payments are made in addition to normal property taxes. Also, the non-profit will make donations to local charities and its employees will volunteer for social work in town.
Image courtesy of Calare Properties