Hackman Capital, Calare Properties Purchase 448 KSF Manufacturing Site in Massachusetts
- Apr 19, 2012
By Barbra Murray, Contributing Editor
In a joint-venture purchase, Hackman Capital and Calare Properties have made their strong presence in the Massachusetts industrial market even stronger. The two recently acquired the former Evergreen Solar Plant, a 448,000-square-foot manufacturing facility in suburban Boston, for approximately $8.5 million.
Carrying the address of 112 Barnum Rd. in Devens, Mass., the state-of-the-art facility sprouted up in 2010 at the hands of Evergreen. According to a report by Economic development organization MassDevelopment, the solar panel manufacturing plant reached completion — equipment, infrastructure and all — with an investment of $450 million. Now, two years later, with Evergreen going through bankruptcy proceedings, the property has found its way into the hands of Hackman and Calare. The partners have walked away with a premium 25-acre asset that came with a modest price tag.
In addition to its Class A industrial accommodations, 112 Barnum offers a coveted New England location. Surrounded by busy thoroughfares, the property sits within the 4,400-acre, master-planned Barnum Business Park, just 35 miles outside of Boston, approximately 55 miles from Providence, R.I., and roughly 85 miles from Hartford, Conn.
Hackman and Calare, as Michael Hackman, Hackman founder and CEO, said, “look forward to finding tenants for the building,” and the timing may be just right for successful lease-up. The metropolitan Boston industrial market is on the upswing, due in no small part to tech companies’ attraction to premier properties. “Thanks to the strong occupancy gains in newer buildings, the market experienced its seventh quarter of positive absorption out of the past eight,” as noted in a first quarter report by commercial real estate services firm Grubb & Ellis Co. The 13.3 percent vacancy rate in the first quarter marked the lowest vacancy level in the area within the last three years.
Notable transactions involving tech and tech-related users within the last six months include Quiet Logistics’ lease of 200,000 square feet in Devens, Exel Inc.’s commitment to 182,000 square feet in Taunton and Joule Unlimited Technologies’ take of 51,000 square feet in Bedford.