Calare Snags 511 KSF Boston-Area Industrial Portfolio
- Apr 16, 2018
Following the purchase of a 175,000-square-foot industrial property in Connecticut, Calare Properties has acquired two high-bay industrial warehouse buildings in Merrimack, N.H., totaling roughly 511,000 square feet. CBRE/New England secured $17.5 million in acquisition financing, provided by Harbor One Bank.
The first-class properties are located at 57-59 Daniel Webster Highway (Route 3) on 48 acres, in an Economic Revitalization Zone. The site is located between the state’s two largest cities, Manchester and Nashua, while Boston is 47 miles away. Interstates 93 and 293 are also nearby.
Current tenants include Law Logistics, Nanocomp Technologies, Raymer’s Express and XPO Logistics, occupying a total of roughly 460,000 square feet. The distribution and warehouse properties feature:
- 22-32 feet clear ceiling heights
- 40 by 50 feet column spacing
- 26 tailboard loading docks
- secured yard area and rail service
The new owner retained PMRG as property manager, who has been in charge of the assets since 2007. Calare is planning on-site upgrades, such as roof replacements, additional loading docks and lighting improvements.
CBRE/New England’s Debt & Structured Finance team included Senior Vice President & Partner Kyle Juszczyszyn and Financial Analyst Matthew Machiros.
“The strength of the market, outstanding demographics and proximity to major Northeast cities make this first-rate industrial facility a low-risk investment opportunity for Calare,” said Todd Barclay, vice president of acquisitions at Calare Properties, in prepared remarks.
Image courtesy of CBRE/NE