Calare Cleans Up in $5M Industrial Deal

HUDSON, MA-Some value-add investments provide returns sooner—and greater—than others, and 555 Main St. would seem to fit that mode. The 108,000-sf industrial building has now traded for the second time since Jan. 2007 but at a sharply higher price than the $1.3 million paid barely a year ago by locally based Calare Properties, which has just divested the asset for $5.3 million.

Calare’s turnaround of the once vacant Arrow Automotive headquarters was even more immediate, as a full-building tenant signed on soon after 555 Main St. changed hands in the 2007 sale. The tenant committed to a 10-year deal and two options that each provide for additional five-year extensions. Calare’s approach was measured, however, with the firm monitoring the property for three years before determining the time was right to strike. A former brownfields site, 555 Main St. has undergone a cleanup and monitoring process that began in the early 1990s.