Calare Properties Snags Trio of Industrial Properties
- Sep 24, 2015
By Veronica Grecu, Associate Editor
A trio of industrial buildings totaling 273,000 square feet within the 220-acre Campanelli Business Park in Middleborough, Mass. is now under new ownership as Calare Properties recently paid $25.37 million to purchase the industrial assets.
The Hudson, Mass.-based company acquired the portfolio with the help of two separate loans secured by CBRE/New England’s Debt & Structured Finance team consisting of Kyle Juszczyszyn, Chris Coutts and Taylor Shepard.
The three-building portfolio includes industrial/flex and warehouse space located at 16 Leona Drive, 19 Leona Drive and 139 Campanelli Drive.
“Each of the three buildings clearly fit into Calare’s strategy of acquiring well-located, functional industrial assets,” said Andrew Iglowski, director of acquisitions at Calare. “With a combination of superior physical characteristics, strong tenant credit, and long-term leases, we are confident that 16 Leona Drive, 19 Leona Drive and 139 Campanelli Drive will perform well throughout market cycles.”
At 108,000 square feet, 19 Leona Drive is the largest asset included in the transaction. The property was a build-to-suit by Campanelli, and is currently fully leased to Sager Electronics, a subsidiary of TTI, Inc., a Berkshire Hathaway Inc. company.
16 Leona Drive is an 80,000-square-foot industrial/flex building that is currently 100 percent leased to IDEX Health & Science, a manufacturer of liquid subassemblies and precision components for medical and life science needs.
The acquisition of both buildings on Leona Drive was financed with two separate loans totaling $16.5 million provided by Blue Hills Bank.
The third building in the recently-acquired portfolio is located at 139 Campanelli Drive and encompasses 85,000 square feet of warehouse space that is fully leased to Stop & Shop Supermarket.