Milford, CT Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, has sold 40 Pepe’s Farm Rd. to a large institutional buyer for $13.25 million. Calare originally purchased the 200,000 s/f high-bay industrial warehouse property in 2014 at 50% occupancy with a strategy for capital improvements designed to drive tenant demand and increase value.
Through extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, Calare helped propel the property to full occupancy securing a 10-year lease for the entire building to a strong credit, global transportation solutions company.
“Calare purchased 40 Pepe’s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors, ” said Bill Manley, CEO and CIO of Calare. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
Located in Southern Connecticut along the I-95 corridor, 40 Pepe’s Farm Road is ideally positioned in an area with a notably low supply of high-bay warehouse space and centralized to distribution channels in the northeast.