Calare Properties sells 588,000 s/f 25 Tucker Dr. for $31.485 million

25 Tucker Drive, Leominster, Mass.

Leominster, MA Calare Properties has completed the sale of 25 Tucker Dr., for $31.485 million to a Midwest private investor. Calare acquired the vacant 588,000 s/f industrial asset in a joint venture with Fir Tree Partners at a substantial discount in December 2012, leased an original 401,316 s/f to Affordable Interior Systems (AIS) in March 2014, and secured a 185,274 s/f lease expansion with AIS in May 2015 to bring the facility to 100% occupancy.

25 Tucker Dr. is a manufacturing, distribution, and office facility situated on 24 acres. Located less than a third of a mile from Rte. 190, the building also offers access to I-495 and the Mass. Turnpike, providing a location for an industrial user. Additionally, the property boasts 28’ ft. ceilings, 11,500 kVA of available power, 43 dock doors, and CSX rail service with a double spur that allows for sidecar loading directly into the distribution area.

“After acquiring 25 Tucker Dr. in 2012, our team was able to bring this massive, completely vacant building to 100% occupancy in less than three years, and then sell the property at a substantial premium to the original purchase price,” said Bryan Blake, president and executive director at Calare. “We went into the acquisition with a strategic leasing plan, which we were able to expertly execute. 25 Tucker Dr. is a well-located asset, and we are confident that the property, and AIS, will continue to see success under the new ownership group.”

Calare was represented by Stan Johnson Company’s Britton Burdette, director, and Mollie Alteri, associate director in the transaction.

AIS is a leading manufacturer of commercial office furniture with over 600,000 s/f of manufacturing and operations at two locations.

Calare Properties is a private real estate manager and operator.

Fir Tree Partners is a value-oriented investment manager that manages private investment funds.