New England Industrial Asset Trades for $13M
- Mar 22, 2017
Milford, Conn.—Massachusetts-based Calare Properties recently announced that it has sold 40 Pepe’s Farm Road, a 200,000-square-foot industrial warehouse property located in Milford. The asset was acquired by an undisclosed large institutional buyer for $13.3 million.
The seller purchased the 50 percent occupied property in 2014, with a strategy for capital improvements designed to drive tenant demand and increase value. Currently, after extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, the asset is fully occupied on a 10-year term by a global transportation solutions company.
The single-story asset encompassing 5,910 square feet of office and 194,090 square feet of warehouse is located along the Interstate 95 corridor, providing easy access to both New York City and to other regions through Interstate 91. The property features grade-level and dock-high loading doors and clear heights between 28’ and 30’.
According to CBRE, the company’s New England Debt & Structured Finance team assisted in securing a first mortgage financing, in the amount of $6.6 million, through Inland Mortgage Capital in 2015 on behalf of Calare Properties.
“Calare purchased 40 Pepe’s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors,” said Bill Manley, CEO & CIO of Calare, in a prepared statement. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
Image via Google Street View