MIDDLEBOROUGH, MA—Calare Properties has acquired three fully-leased industrial buildings totaling 273,000 square feet in the Campanelli Business Park for $25.375 million.
The Hudson, MA based firm purchased the three-property portfolio—16 Leona Drive, 19 Leona Drive, and 139 Campanelli Drive—from Braintree, MA-based Campanelli. All three buildings are located within Campanelli Business Park, a 220-acre campus.
“The Campanelli Business Park assets presented a unique opportunity for Calare to add well-positioned, core properties to our growing and diversified portfolio,” says Bryan Blake, president of Calare. “With additional regional operators and distributors in the park and continued development slated by Campanelli, we are confident that our best-in-class management team will maintain a high level of occupancy and secure strong return for our investors in the future.”
16 Leona Drive is a state-of-the-art, 21-foot clear, 80,000-square-foot industrial/flex building that is currently 100% leased to IDEX Health & Science, a manufacturer of liquid subassemblies and precision components for medical and life science needs. 19 Leona Drive is a Class A, 32-foot clear, warehouse distribution building, which totals 108,000 square feet and is 100% leased to Sager Electronics, a subsidiary of TTI, Inc., a Berkshire Hathaway Inc., company.
The property was a build-to-suit by Campanelli for Sager Electronics and serves as its corporate office and distribution/service center. 139 Campanelli Drive is a Class A, 26-foot clear, warehouse distribution building totaling 85,000 square feet that is 100% leased to Stop & Shop Supermarket.
“Campanelli Business Park continues to be a highly sought-after location for tenants and investors alike, due to its strategic location and position as a premier warehouse and distribution hub,” says Rob DeMarco, partner at Campanelli. “A three-building transaction such as this, on the heels of our recent 85,000-square-foot lease to Stop & Shop, is a testament to our ability to develop and market quality assets in highly-competitive regions. Calare is a well-respected owner and operator of properties throughout New England, and we are pleased to welcome them to the park.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
