Calare Properties sells 103,300 s/f Extra Space Storage facility

Malden, MA Calare Properties (Calare) has completed the sale of 1 Wesley St. The 103,300 s/f property includes a fully-renovated self-storage facility, a fully leased industrial warehouse building, and a retail kiosk. Calare and Equity Resource Investments (ERI) were JV partners on the investment since its purchase in 2024. According to public record the property sold for $22.15 million. 

“When we acquired 1 Wesley St., we saw a self-storage facility that hadn’t kept pace with the market, paired with a vacant but very functional industrial warehouse building,” said Michael Sullivan, senior associate of investments at Calare Properties. “Repositioning the storage component and bringing the site up to institutional standards is exactly the kind of value-add opportunity we look for, and it’s what made this an attractive asset for the buyer.”

Calare’s improvement program included replacement of the roof and HVAC system, renovations to the lobby and office, and the addition of an ADA-compliant entrance, among other enhancements across the site.

The self-storage facility, previously operated under a legacy local brand, is now managed under Extra Space Storage, a national manager of self-storage facilities. The facility features 717 climate-controlled units across nearly 74,800 s/f.

The property also includes an approximately 25,100 s/f warehouse, which was recently leased on a triple-net basis to UniUni, a Vancouver-based logistics company, and a drive-up retail kiosk occupied by Rocky Mountain Spring Water.

“Self-storage demand across greater Boston remains strong, and a newly repositioned facility paired with leased industrial income is exactly the kind of asset institutional buyers are competing for right now,” said Todd Barclay, co-CIO of Calare.

The property sits on 4.65 acres on the Malden/Revere border near Rte. 1 and provides a large fully lit parking field (6.6/1,000 sf parking ratio). The property is visible from the highway, with convenient access to Boston and the surrounding market.

Nathan Coe, Gabriel Coe, and Brett Hatcher of Marcus & Millichap, in collaboration with Thomas Shihadeh, the firm’s broker of record in Massachusetts, represented Calare and procured the buyer.