Calare Wins Building, Inks 61,000-SF Lease

STOUGHTON, MA-Chapter 7 bankruptcy doomed Hoboken Wood Flooring’s custom-built operations at 181 Campanelli Parkway, but the 61,000-sf office/warehouse building is about to enjoy a swift comeback, following its auction to Calare Properties. Hudson-based Calare paid $2.8 million for the property, and then subsequently leased the entire space to Isaac’s Moving & Storage for a five-year term.

“It worked out well for everyone,” Calare principal Brian Poitras tells GlobeSt.com, in announcing the lease agreement after his firm closed on 181 Campanelli Parkway, a 7.3-acre complex which had come under the control of Middlesex Savings Bank through foreclosure. Calare was simultaneously seeking a new home for Isaac’s, and the footprint of the Stoughton structure ultimately met the tenant’s needs. There will be a capital improvements campaign on the property, which Hoboken Wood Flooring had owned since its construction in 1989. “It’s a great building,” says Cushman & Wakefield Senior Director and South Shore broker Cathy Minnerly. Along with a two-story, 12,000-sf office section, the property has clear heights to 30 feet in the warehouse.

According to Poitras, CB Richard Ellis brokers Robert Gibson and Edward Jarosz alerted Calare to 181 Campanelli Parkway’s pending sale, which was orchestrated by Daniel J. Flynn Auctions of Quincy. Austin Smith of Newmark Knight Frank separately negotiated lease terms on behalf of Isaac’s.