News: Front Section
Posted: June 3, 2016
Calare Properties purchases 119,000 s/f warehouse/retail building
301 Page Street - Stoughton, MAStoughton, MA Calare Properties has acquired 301 Page St., a class A, 119,000 s/f warehouse/retail building. The sale price was not disclosed. Currently, the asset is 100% occupied, serving as the headquarters for Boston Interiors.
Built-to-suit for Boston Interiors in 2004, 301 Page St. features 10,000 s/f of office, 9,000 s/f of showroom, and 100,000 s/f of high bay warehouse space, and is fully heated and climate controlled. Situated on 17.1 acres, the asset boasts unique 36’ clear ceiling heights, 16 dock-high doors (featuring 3 drive-in doors), 2 trash dock doors, and 113 surface-level parking spaces. Boston Interiors, a well-established regional furniture brand, signed a new 15 year lease at acquisition, securing the property as a high quality warehouse/retail property.
Located in the South Rte. 128/Rte. 24 submarket, 301 Page St. provides highway access across multiple routes, and is 16 miles south of Boston. The building is situated in a dense warehouse, flex, and retail market, featuring neighboring companies such as Amazon, IKEA, Target, Kohl’s, Jordan’s Furniture, Bassett, and BJ’s Wholesale Club.
In addition to 310 Page St. serving as its headquarters, retail store, and distribution center, Boston Interiors has seven area retail locations.
“301 Page St. offered the unique opportunity to secure a Class A high bay distribution asset below replacement cost in an off market transaction,” said Andrew Iglowski, director of acquisitions at Calare. “The strength of the tenant and term of the lease provide secure cash flows over the long term, and our basis will provide us with a high level of relative liquidity. We enjoyed working with the entire Boston Interiors team on this transaction and look forward to a long-term relationship with them.”
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 15 million square feet of properties representing $650 million in transactions through funds, direct deals and a multi-asset portfolio.
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