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News: Front Section
Posted: January 8, 2016
Calare Properties acquires 40,000 s/f building at 480 Paramount Dr.
Raynham, MA Calare Properties (Calare), a private, Massachusetts-based investment firm with a focus on industrial real estate, has acquired 480 Paramount Dr., a class A, 40,000 s/f industrial/flex building. The property was purchased for an undisclosed amount. Currently, the asset is 100% vacant and is seeing high demand from a multitude of prospective tenants.
480 Paramount Drive - Raynham, MAConstructed in 2004, 480 Paramount Dr. was previously leased to a national tenant for an eight year term, but never occupied, preserving the building’s pristine condition. Situated on 7.5 acres of land, the facility provides a highly-efficient working environment and is equipped with 20’ clear ceiling heights, eight tailboard doors, and 111 surface-level parking spaces. With ample loading docks and a blank slate for tenant enhancements, 480 Paramount Dr. offers a premier opportunity for users in search of flex, R&D, or industrial space at a first-class facility.
“The acquisition of 480 Paramount Drive represented a rare opportunity to acquire a very functional flex/industrial building at a basis significantly below replacement cost in a highly sought-after industrial market,” said Andrew Iglowski, director of acquisitions at Calare.
“The leasing velocity is very strong due to the quality of the asset and the lack of available flex supply serving the I-495 South corridor. We are confident that we will be able to lease up the entire building in the near-term.”
Currently, Calare is in discussions with multiple prospective tenants interested in signing long-term leases, and expects 480 Paramount Dr. to be fully occupied in the first half of 2016. CBRE/New England’s Industrial team, led by Steve Clancy, executive vice president/partner, is in charge of the brokerage efforts for the asset.
Located within the Rte. 495 South submarket, 480 Paramount Dr. provides immediate access to Rte. 44 at Rte. 24. Additionally, the building is situated near the Raynham Woods Commerce Park, a 330-acre campus featuring a mix of retail and industrial users, numerous upscale restaurants, and premier shopping opportunities.
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