News: Front Section
Posted: September 29, 2017
Calare Properties sells 94,268 s/f 20 Seyon St. for $15 million
Watertown, MA Calare Properties (Calare) has sold 20 Seyon St. for $15 million, with 100% of the 94,268 s/f property leased through January 2024.Calare purchased the warehouse distribution facility, located on 5 acres, in 2015 with a plan to increase asset value through capital improvements and lease extensions. The property is located near I-90 and 95 within a mixed-use corridor home to national retailers and several class A apartment and condominium communities.
“20 Seyon St.’s position in a high-demand warehouse and flex market, coupled with the attractive features of the site, established this property as a prime investment for Calare’s industrial focused investment strategy in the market,” said Todd Barclay vice president of acquisitions. “With this sale, we are thrilled to have successfully enhanced value in this property for the benefit of our investors.”
In addition to improvements made by Calare, the well-maintained property had also previously received significant capital investments including a new roof, HVAC units and security/alarm systems.
Long-term tenants have also both invested substantial capital within their spaces.
“Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing,” said Bill Manley, CEO and CIO of Calare. “Our team has been actively selling assets to harvest oversized returns while, at the same time, leveraging our knowledge and reputation as an industrial specialist to acquire and develop creative new investment opportunities for our investors.”
Greater Boston’s industrial market continues to post notable gains. According to recent market analysis, asking rents in this market continue to climb in response to vacancies remaining below 7%. Industry reports have found that lease rates have increased by 6.3% year-over-year to $6.61 per s/f during 2Q 2017.
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 17.5 million s/f of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio.
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